Chainlink Price to Prolong Bullish Recovery by 10% as Buyers Break this Key Barrier

In the daily time frame chart, the chainlink coin shows an evident sideways trend where the prices resonate within the $9.48 and $5.4 marks. The coin price rebounded from both these levels at least indicates the traders are strictly responding to these levels. Moreover, this range setup has affected the LINK price for nearly a year and therefore will have a significant influence on the future trend.

Key Points:

• The chainlink price rising for six consecutive days reflects strong bullish momentum in the market.
• With sustained buying, the LINK price will challenge a high supply zone of $9.48
• The intraday trading volume in the LINK coin is $484.5 Million, indicating a 13% gain.

Source- Tradingview

The chainlink price has witnessed significant growth since last week, registering a 23.5% growth from the $7 psychological support. This bullish growth backed by rising volume indicates sustained buying in the market.

Amid this recovery, the coin price breaches a five-month high of $8.3, offering a significant launchpad for buyers to resume a bullish rally. As of now, the LINK price trades at $8.6 with an intraday gain of 6%. 

Also Read: 15 New Cryptocurrencies To Buy In 2023

However, the prices may retest the $8.3 breached resistance to check price sustainability at higher ground. This retest could offer an entry opportunity to interested buyers which may drive the prices by 10% to hit the multi-month resistance of $9.48.

Anyhow, the chainlink coin holders should be extremely cautious at this resistance, as the high supply pressure at $9.48 could trigger a new correction cycle.

Conversely, a breakout from the aforementioned level will signal an early sign of trend reversal. 

Technical Indicator

Bollinger Band: the coin price hitting the upper band of the Bollinger band indicator reflects the buying activity is aggressive for the time spent and thus a minor pullback is possible to maintain a prolonged recovery.

Relative Strength Index: the daily RSI slope in bullish territory indicates a positive sentiment among traders.

Chainlink Coin Price Intraday Levels

• Spot rate: $8.7
• Trend: Bullish
• Volatility: Low
• Resistance levels- $9.48 and $10.6
• Support levels- $8.3 and $7