Chainlink (LINK) price aims to break the $12 resistance, supported by positive indicators, potentially reaching $15, but faces a downside risk of retesting $10.
Key Takeaways
- Chainlink (LINK) price is approaching the crucial $12 supply barrier.
- A potential breakout above $12 could lead to a rally towards $15.
- Recent momentum in LINK price is driven by positive market conditions and a 58% increase in the last ten days.
- Technical indicators like EMA and MACD signal a bullish trend continuation.
The Chainlink (LINK) price trend has been making significant strides, as it inches closer to the important psychological level of $12. In the world of cryptocurrency, where momentum can shift rapidly, the question on everyone’s mind is whether LINK can break through this supply barrier and continue its upward journey.
Link’s Got In Between
Currently, LINK’s price is in a precarious position, with an ongoing battle between the upward momentum and the overhead supply at $12. The much-anticipated breakout above this level could potentially rejuvenate the bullish momentum and propel LINK to the $15 mark.
LINK Price Analysis: Will LINK Cross The Supply Barrier At $12?https://t.co/C54TAc7qJw
— John Morgan (@johnmorganFL) October 28, 2023
Amidst this price action, Bitcoin has been stabilizing near the $34,000 mark, but its recent rejection at $35,000 has had a dampening effect on the broader altcoin market. Altcoins like LINK have been struggling to maintain their momentum as they approach key resistance levels.
Crypto Community’s Enthusiasm
However, the recent rally that broke the long-term downtrend has been impressive, with LINK’s price surging from $7.2 to $11.54, marking a substantial 58% increase in the last ten days. This rally has garnered enthusiasm within the crypto community, largely fueled by the anticipation surrounding the approval of a Bitcoin Spot ETF.
While optimism remains, the uncertainty surrounding ETF approvals has caused some uptick in volatility, leading to a decrease in buying pressure.
Examining the LINK Price weekly chart reveals a solid bullish momentum, supported by robust bullish candles poised to breach the $12 resistance level. Furthermore, the overall improvement in market conditions is expected to bolster the altcoin market, instilling confidence among LINK holders.
Technical Indicators:
- EMA: Both the 50-day and 200-day Exponential Moving Averages (EMA) project a favorable outlook for LINK’s uptrend continuation. The rising average lines are expected to provide a bullish cushion during short correction phases.
- MACD Indicator: The MACD indicator indicates a bullish crossover gaining momentum in the weekly chart. The rising bullish histogram reflects increasing demand for LINK price.
Let’s Review
As the overall trend for Chainlink remains positive, buyers are showing a strong interest in this altcoin, increasing the likelihood of a sustained uptrend. However, the $12 resistance level poses a formidable challenge. If LINK manages to break through this barrier, it could pave the way for a surge to the $15 mark.
On the flip side, a reversal from $12 may lead to a retest of the $10 support level. Traders and investors will be closely watching these key price levels in the coming days as Chainlink’s journey continues in the volatile crypto market.
