LINK Attempts Break Above $11, As Bulls Take Over The Market

LINK attempts break above the $10 level after the strong increase above $9.65 as in the same time it is trying to test the $11 resistance levels, so let’s read more in today’s chainlink news.l

Link attempts break as the token price shows positive signs above the $10.00 resistance against the US dollar. The price is now testing the $11.00 resistance and it is well above the 100 simple moving average and the short-term rising channel forming a support near the $10.50 level on the 4-hour charts of the pair. the pair could also rally again with a clear break above the $11.00 and $11.25 resistance levels.

In the past two technical analyses, we saw a bullish breakout in Chainlink’s price above the $9.00 resistance level as the price remained in a positive zone gaining pace above the $10.00 resistance level. the price rallied over 8% and broke the 61.8% fib retracement level from the key decline at the $11.30 swing high to $8.35 swing low. during the increase, there was a break above the crucial bearish trend line at $9.50 on the 4-hour charts of the pair.

The price tested the $11.00 resistance and it is well above the 100 simple moving average while trading above the 76% fib retracement level from the key decline from the $11.30 swing high to the $8.35. It seems that there’s a short-term rising channel forming with the support at $10.50 on the 4-hour charts of the same chart. The clear break above the $11.00 resistance level could open the doors for a sustained upward movement while the next immediate resistance is close to the $11.25 level above which the price could rally at $12.00 level so further gains could lead the price towards the $13.20 level.

If chainlink’s price started a downside correction it could find support near the channel trend line at $10.50 while the first major support is near the $10.20 level. The main support is now forming close to the $9.80 level and the 100 simple moving average. Any further losses could lead the price to the $9.65 support zone while the 4-hour MACD for the pair is now moving into the bullish zone. The 4-hour RSI for the pair is well above 50 level and the major support levels are set at $9.25 and $9.20.