Chainlink (LINK) found a strong buy zone above the $ 9.20 support against the US dollar. The price is currently trading at an incredible over $ 10 and many people are wondering if the DeFi token will remain above the $ 10.00 level. At the time of writing, LINK is trading at $ 10.14, up 13.29%.
After trading at an all-time high of $ 20, Chainlink began its downward journey. Temporary support levels like $ 16, $ 12, and $ 10 tried to keep the token from falling further, but it didn’t work. LINK continued to decline with the collapse of the decentralized finance (DeFi) ecosystem.
Chainlink is a decentralized oracle network that provides smart contracts that provide secure access to data streams, APIs and payments. DeFi tokens in the industry have significantly benefited from live data provided by Chainlink.
The price of the chainlink token is showing positive signs above the $ 9.20 resistance against the US dollar.
Chainlink (LINK) Price Grows Stronger
After another drop, Chainlink (LINK) found support near the $ 8.50 level. The bears made two attempts to lower the $ 8.50 support, but they were unsuccessful. A low was formed near the $ 8.36 level and the price started a new high similar to Bitcoin.
A successful close above the $ 9.80 and $ 10.00 resistance levels seems to open the doors for a sharp increase. In the situation stated, the price is likely to rise steadily towards the $ 11.00 and $ 11.20 levels.
IntoTheBlock’s IOMAP model shows that $ 10 can be obtained softly; however, it reveals that the trip to $ 11 could be delayed by stiff resistance between $ 10.4 and $ 10.7. Here, about 5,500 addresses previously purchased about 32 million LINK. Volume in this range can absorb most of the buying pressure, delaying the rally.