Chainlink (LINK) Price Rises Bullish Momentum Points Toward $16 Resistance Level

Chainlink (LINK) is displaying positive indicators as market activity suggests possible growth in the coming periods. Analysts state there is strong support at certain levels of the market for more growth to be realized. This is evident from the movement of the LINK/BTC pair in the market.

At the time of writing, Chainlink (LINK) is trading at $13.16 with a market volume of $859.77 million and a market capitalization of $9.32 billion. Over the last 24 hours, Chainlink has shown a gain of 1.83%.

Source: CoinMarketCap

Chainlink Shows Strong Bullish Momentum

Popular crypto analyst, CRYPTOWZRD, pointed out that LINK had a strong close. The LINK/BTC market also broke above the lower high trendline in the daily charts, which indicated a chance of a further push up in the short-term charts. According to the report, a test of support at the $12.80 level, which holds as new support, may serve as a possible long trade entry point.

Source: X

The charts for both LINK and LINK/BTC are also positive. This is because LINK/BTC has closed positively for the second day consecutively. This translates to increased momentum. Therefore, if this pattern continues, it is expected that it may reach $16, while $12 is the key support. People will also monitor the activity on the intraday charts.

Also Read | Chainlink (LINK) gains momentum, Elliott Wave signals continued upside toward $16.60

Chainlink Range Signals Potential Rally

LINK has been ranging inside a certain boundary. Breakouts above $13.50 would be a positive signal for buyers, and a fall below this point may keep prices bound inside a certain range. A slight retracement at $12.80, which supports prices, may be a good buying point.

Anything below $12.80, on the other hand, will be the bears’ territory. The future movements of Bitcoin, particularly the fact that it is approaching the fill of the CME gap, will likely lead to significant developments in the short-term future of LINK.

Overall, the outlook on Chainlink appears to be positive, with major levels being seen at $12.80 in support and $16, while the price action on the price chart on Bitcoin continues to be closely monitored.

Also Read | Chainlink Price Alert: LINK Holding Support, $14–$15 in Sight