Where LINK is Headed After Breaking Above Major Resistance of $11.00?

Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.
  • Chainlink has been one of the top performers since last week had an overall gain of 13.6% on a weekly basis. 
  • The LINK/BTC pair is performing positive with an overall gain of 3.24% bringing the current level to 0.00098769. 
  • The LINK/ETH pair is also performing positive with a gain of 1.38% bringing the current level to 0.02954375. 

The price movement of chainlink since the last week is nothing less than a dream. During the bearish sentiment in the previous week, the crypto asset was holding on its major support level of $8.50 and now has beaten the major resistance level of $11.00. However, it is too early to say that it is also successful in maintaining sustainability over the resistance level as well. 

link weekly
Source: Coinmarketcap

As the weekly chart indicates, the bullish rally started off after LINK touched the major support level of $8.50 during a bearish market. The support provided a positive bump to the price levels to the mark of $10.00. The cryptoasset took the time to reach the major resistance level of $11.00 and beat it with a strong bullish sentiment. The CMP is at $11.32 with an overall gain of 4.04% bringing the market capitalization to $3,961,946,932 with the 24-hour volume traded of  $1,892,878,512. 

Technical Levels Supporting Link’s Bulls

link tech
Source: Tradingview

The technical chart reflects on the downtrend faced by the cryptoasset in the previous month which is followed by the ongoing price recovery action in the market. The price candle broke above the 0.382fib level which is a confident bullish signal. The price candles are also following the bullish curve line which is also another positive sign for the altcoin. The price levels must spend some time within the area between below 0.5 to above 0.382fib level for establishing sustainability over the price levels.

Relative Strength Index levels are sustaining the bullish levels and currently held at 66.20.

Commodity Channel Index levels are in the overbought region and must avoid any sharp negative divergence. The current level stands at 103.96.

Directional Moving Index levels are reflecting the extremely bullish nature in the market with ADX at 45.5931 and above +DI(29.2919). 

Can Chainlink Sustain Above $11.00?

With the current nature of the technical levels, it is no doubt the digital asset will be able to sustain above the resistance level of $11.00. However, Both BTC and ETH are trading in their resistance area respectively which can introduce a price correction activity overall in the market. This can bring back the bears for chainlink again. Only the overall market conditions can halt this bullish move otherwise it will be targeting the crucial price mark of $13.00 on the positive side. 

RESISTANCE LEVEL: $13.00

SUPPORT LEVEL: $10.00 

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