Chainlink (LINK) Breaks Out Of Range; Will Bulls Push The Price To $12?
2 min read
- LINK rallies with high volume as the price breaks above its range channel of $8 after a while as bulls eyes $12.
- LINK’s price continues to trend higher with strong volume as the market looks promising for many altcoins.
- LINK’s price remains strong on the daily timeframes as the price trades above the 50 Exponential Moving Average (EMA).
of over 180 days old as the price eyes a major rally after having a tough time breaking this region with good volume. The crypto market has enjoyed a bit of relief across all assets, with Bitcoin (BTC) showing great traction, rallying and dragging the market. Chainlink (LINK) rallies with strength as the price could reward LINK marines. (Data from Binance)
Chainlink (LINK) Price Analysis On The Weekly Chart
The past week has seen many altcoins continue to produce over 200% gains over the past 7 days of breaking out of their range-bound movement, as many believe more hope could be settling into the crypto space once more.
The new week has looked a bit skeptical, but things are beginning to shape up and looking more promising for some altcoins, like BAND, rallying over 100% in less than 24 hours, showing the price action and volume for buy orders. The price of LINK has shown some great signs, breaking out of its long accumulation zone as it aims to rally higher, holding off sell orders at a region of $7.6.
After dropping from its high of $50 some months back, the price of LINK has had a great struggle to pull off a rally that has left many in euphoria.
The price of LINK saw its trade at a low of $6 on the weekly chart; the price swiftly bounced from this region as the price rebounded to a region of $8, where it was rejected to a region of $7.3. Still, the price bounced from here after forming a range as the price was locked into its accumulation phase.
Weekly resistance for the price of LINK – $9.5-$10.8.
Weekly support for the price of LINK – $7.8.
Price Analysis Of LINK On The Daily (1D) Chart
In the daily timeframe, the price of LINK continues to look strong as the price broke out of its long-range accumulatio price movement to a high of $8.4 as the price aims for a rally to a daily high of $12, where the price could face a major resistance to break higher.
The price of LINK trades at $8.3 above the 50 EMA, which indicates a good relief sign for LINK’s price on the daily timeframe. The price of $7.3 corresponds to the 50 EMA supporting LINK values.
Daily resistance for the LINK price – $9-$10.5.
Daily support for the LINK price – $7.3.
Featured Image From Coin Culture, Charts From Tradingview
