Chainlink’s price shows strength as it attempts a major breakout from its range channel of over 180 days of accumulation as the price eyes a rally to $12.
Chainlink could rally more as the price creates more bullish bias by breaking out of its range channel, but the price has struggled to regain more strength as Bitcoin (BTC) ranges.
Chainlink’s price remains strong on the daily timeframe above the 50 Exponential Moving Average (EMA) as the price aims for more rallies.
The price action displayed by Chainlink (LINK) has yet to see much volatility, considering how huge the project is and with a vibrant community. With the staking of Chainlink (LINK) fast approaching, we could see some fireworks for the price of LINK, considering it has been in accumulation for over 6 months. The crypto market is looking increasingly welcoming as many altcoins continue producing over 50% gains. The likes of DOGE have seen some great runs recently, rallying from a low of $0.055 to a high of $0.15, with many others as Chainlink (LINK), eyeing a major breakout. (Data from Binance)
Chainlink (LINK) Price Analysis On The Weekly Chart.
Chainlink (LINK) has struggled to regain its bullish momentum in recent times; despite the uncertainty that has befallen the crypto space, the price of LINK hasn’t enjoyed a measure of relief after showing some price action on a few occasions rallying from a low of $6 to a high of $9.3 on the weekly chart before suffering a rejection back to its range movement.
The past weeks have been nothing short of a boring and difficult moment for the crypto market as this affected the price of most altcoins negatively, forcing them to lose their support zone, with others battling it to stay afloat of their price.
After its weekly close of above $7.7, LINK’s price looked stronger as the price of LINK geared up for more upside price moves.; the price has faced a minor rejection to break higher to a region of $9.5.
Weekly resistance for the price of LINK – $9.5.
Weekly support for the price of LINK – $6.
Price Analysis Of LINK On The Daily (1D) Chart
Daily LINK Price Chart | Source: LINKUSDT On Tradingview.com
In the daily timeframe, the price of LINK continued to look strong as the price attempted a breakout from its range channel with good volume as the price of LINK targets a rally to a high of $12. The price of LINK needs to break and for support above $8.2 for the price to have a good chance to rally to a high of $12. Still, the price of ATOM faces a little rejection; the price of ATOM needs to break and hold above $14.5 for the price to become more bullish once more.
The price of LINK faces a resistance to break and hold above its range channel resistance of $8.2; a close above this region will be welcoming for a price rally.
Daily resistance for the LINK price – $8.2.
Daily support for the LINK price – $7.3
Featured Image From zipmex, Charts From Tradingview