New Resistance Breakout Puts Chainlink Coin On Track For 18% Upswing
Amid the ongoing recovery in the crypto market, the Chainlink coin price gave a bullish breakout from the local resistance of $7.8. The breakout backed by strong volume indicates the buyers are confident in reaching higher levels. However, can the coin price surpass $9.4 resistance which has restricted bullish growth for the last eight months?
Key Points:
- The LINK price action will extend a sideways trend until the aforementioned range is intact.
- A breakout from either slide of the range will trigger a direction rally.
- The intraday trading volume in the LINK coin is $1.02 Billion, indicating a 46% gain.
Source- Tradingview
For over nine months, the chainlink coin price has traveled a sideways trend wobbling between the $9.45 and $5.5 levels. The coin price has tested both the mentioned levels several times indicating the traders are actively respecting this level.
Amid the new year’s recovery in the crypto market, the coin price rebounded from the $5.5 support On January 1st, Thus, the resulting bull run registered a 48% gain and reached the current price of $8.053.
Moreover, with the ongoing recovery the coin price has most recently breached a monthly resistance of $7.8. The increasing volume during the rally also validates the sustained recovery phase in the market.
Also Read: Top Crypto Marketing Firms / Agencies 2023; Here’s Best Picks
Thus, if the daily candle closes above the $7.8 resistance, the buyers will get additional footing to climb up the chart levels. Interested traders could also find an opportunity during a possible retest to $7.8 support, which will also reveal whether prices can sustain at higher levels or not.
The post-breakout rally could surge the LINK price by 18% to hit the $9.47 mark.
However, for the coin holders to witness a significant uptrend, the prices should surpass the multi-month resistance of $9.47 or the ongoing sideways will continue for a few more sessions.
Technical Indicator
EMAs: The flattish 200-day EMA accentuates the ongoing sideways trendline, However, a bullish crossover between the 50-and-100-day EMA may influence more buying orders in the market.
RSI: The daily RSI slope steadily rising towards the overbought region indicates the buying pressure is strong.
Chainlink Coin Price Intraday Levels
- Spot rate: $8.024
- Trend: Bullish
- Volatility: High
- Resistance levels- $8.311 and $9.4
- Support levels- $7.7 and $10.8
- Hyperliquid DEX Outperforms Top Crypto Exchanges Coinbase, Binance, Robinhood With Zero Downtime
- Crypto Market Loses $670 Billion on CEX Auto Liquidations, Altcoins Crash Intensifies
- Crypto Market Crash With 100% Trump Tariff Announcement on China
- ASTER Airdrop Delayed to October 20 Amid Criticisms Over Token Allocations
- U.S. Inflation Data: BLS to Release CPI Report on October 24 Amid Government Shutdown
- Bitcoin Price Prediction as Trump’s Tariff Shock Triggers $19B Liquidation
- Can $TAPZI Reach $1 In Q1 2026?
- Here’s Why XRP Price May Have a Zcash-Like Surge
- $TAPZI Price Prediction: What’s Ahead of the $TAPZI token Presale?
- Cardano Price Targets $2 as Hydra 1.0 Ignites New Era of Speed and Adoption
- Dogecoin Price Prediction as $23M Leaves Exchanges—Is the Parabolic Phase Beginning?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
