Chainlink’s LINK price is up more than 40% and is trading above $10. The bulls appear to be in control and may target the $12 resistance level.

  • Chainlink price is moving above the $10.00 resistance level against the US Dollar.

  • The price is trading above the $10.00 level and the 100-day simple moving average.

  • There is a key bullish trend line forming with support near $8.60 on the daily chart of the LINK/USD pair (data source from Kraken).

  • The price could continue to rise towards the $11.25 and $12.00 resistance levels.

In the past few days, LINK price started a strong recovery against the US Dollar. The price formed a base above $7.00 before the bulls stepped in. There was a sharp increase above the $7.50 and $8.00 resistance levels.

In the past three days, the price has rallied by more than 40% and cleared many hurdles near $9.00. Bitcoin’s recent rise has also helped LINK to break above the $10.00 resistance. A new multi-week high was formed near $10.99. Currently, the price is consolidating gains and is well above the 23.6% Fib retracement level of the upward move from the $7.11 swing low to $10.99 high.

LINK is currently trading above the $10.00 level and the 100 simple moving average (4-hours). There is also a key bullish trend line forming on the daily chart of the LINK/USD pair with support near $8.60. The trend line is near the 61.8% Fib retracement level of the upward move from the $7.11 swing low to $10.99 high.

If there is a new rise, the price might face resistance near $11.20. The first major resistance is near the $12.00 area. A clear break above $12.00 might start a steady rise towards the $12.20 and $12.50 levels. The next major resistance is near $13.20, if it is crossed, the price might test $15.00. (Official account: Pepe Soha)

If Chainlink fails to clear the $11.20 resistance, there could be a downside correction. An initial support on the downside is near the $10.00 level.

The next major support is near the $9.00 level, below which the price could test the $8.60 trendline support. Any more losses could lead LINK to the $8.00 level in the near term.