The analyst highlighted the resistance zone here with the critical $ 11 comment that must be overcome on the bullish path for Chainlink (LINK). Will the LINK coin, whose current price is just under $ 10, continue to rise?
- Commenting on LINK to break the $ 8.50 and $ 9 resistance last week, analyst Aayush Jindal evaluated the routes in front of Chainlink.
- The analyst argued that a critical resistance was encountered at the 100-hour moving average value on the 4-hour charts.
- The Chainlink comment by the analyst highlighted the importance of the $ 11 main resistance.
- Jindal said the biggest hurdle to the bullish trend for LINK price is the $ 11 resistance zone.
- If Chainlink fails to overcome the initial resistance at $ 10.50, it is predicted that it will come face to face with a definite drop.
- A possible lower support level could be around $ 9.40.
- Stating that the main support line for LINK is the $ 9 level, the analyst said that with the loss of this point, the Chainlink price is likely to fall to $ 7.50.
Looking From The Full Side Of The Glass For LINK
- On the Chainlink front, the analyst says the bulls are fighting hard to break the $ 10.50 – $ 11 resistance.
- Resistance was also encountered at the 61.8% Fib retracement level that emerged from $ 7.32 to $ 13.30 for LINK.
- Still, the analyst stated that the price is currently experiencing a minimal correction, adding that LINK is positioned just below $ 10 without losing major supports.
- Jindal points out that there is a signal in favor of the bulls around resistance at $ 10.45 on the 4-hour chart of the LINK / USD pair.
- With the channel resistance breaking above $ 10.50 on the LINK charts, a solid exit from the $ 11 resistance zone for the Chainlink price can be mentioned.
- In this scenario, Chainlink could be positioned between $ 12.50 – $ 13.20.