Chainlink (LINK/USD) Set to Conquer $12.00 Price level
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Since Chainlink bulls established a pivotal support at the $9.00 price level to initiate an upward trend, the market has consistently been forming higher lows. This suggests that the bulls are steadily gathering momentum to drive the market upward. Toward the end of September, the market peaked at $13.00, triggering a strong bearish reaction that, within four days, drove prices down to the $10.50 support level. The ability to halt this bearish pressure at $10.50 highlights the strength and willingness of traders to buy at this level, reinforcing it as a significant support zone.
Chainlink Market Data
- LINK/USD Price Now: $11.80
- LINK/USD Market Cap: $626.85 LINK
- LINK/USD Circulating Supply: 626 LINK
- LINK/USD Total Supply: 1 Billion LINK
- LINK/USD CoinMarketCap Ranking: #14
Key Levels
- Resistance: $12.50, $13.00, and $13.50
- Support: $11.00, $10.50, and $9.50.
Chainlink Through the Lens of Indicators
Once the Chainlink bulls rallied from the $10.50 support level, the price began an upward surge, aiming for the $13.00 level, but momentum stalled at the $12.00 mark. Observing the recent trading session’s candlestick, particularly today’s activity, the prominent upper shadow signals strong bearish resistance around $12.00 and within the $12.00 to $13.00 range. Additionally, price action shows a convergence of upper and lower levels near $12.00, suggesting a possible consolidation trend at this point. However, if the crypto signal successfully breaks above $12.00, the bulls may gain enough strength to push toward the $13.00 resistance level.
LINK/USD Price Prediction: 4-Hour Chart Analysis
On the 4-hour chart, we observe that the bullish recovery continues to encounter rejection at the $12.00 price level. This rejection suggests that a substantial number of traders or investors are willing to sell at this resistance, establishing it as a supply zone. This level may represent a psychological threshold or a previous price peak, creating a natural barrier. However, if bullish momentum persists and breaks above this level, traders could potentially sustain the rally toward the $13.00 mark.
