Chainlink (LINK) Breaks Out Of Range; Will Bulls Push The Price To $12?
05 November 2022 - 9:00AM
NEWSBTC
LINK rallies with high volume as the price breaks above its
range channel of $8 after a while as bulls eyes $12. LINK’s
price continues to trend higher with strong volume as the market
looks promising for many altcoins. LINK’s price remains
strong on the daily timeframes as the price trades above the 50
Exponential Moving Average (EMA). of over 180 days old as the price
eyes a major rally after having a tough time breaking this region
with good volume. The crypto market has enjoyed a bit of relief
across all assets, with Bitcoin (BTC) showing great traction,
rallying and dragging the market. Chainlink (LINK) rallies with
strength as the price could reward LINK marines. (Data from
Binance) Related Reading: Binance Coin Breaks Out Of Its Resistance
Of $335; Will $450 Be The Next Stop? Chainlink (LINK) Price
Analysis On The Weekly Chart The past week has seen many altcoins
continue to produce over 200% gains over the past 7 days of
breaking out of their range-bound movement, as many believe more
hope could be settling into the crypto space once more. The
new week has looked a bit skeptical, but things are beginning to
shape up and looking more promising for some altcoins, like BAND,
rallying over 100% in less than 24 hours, showing the price action
and volume for buy orders. The price of LINK has shown some great
signs, breaking out of its long accumulation zone as it aims to
rally higher, holding off sell orders at a region of $7.6. After
dropping from its high of $50 some months back, the price of LINK
has had a great struggle to pull off a rally that has left many in
euphoria. The price of LINK saw its trade at a low of $6 on
the weekly chart; the price swiftly bounced from this region as the
price rebounded to a region of $8, where it was rejected to a
region of $7.3. Still, the price bounced from here after forming a
range as the price was locked into its accumulation phase.
Weekly resistance for the price of LINK – $9.5-$10.8. Weekly
support for the price of LINK – $7.8. Price Analysis Of LINK On The
Daily (1D) Chart In the daily timeframe, the price of LINK
continues to look strong as the price broke out of its long-range
accumulatio price movement to a high of $8.4 as the price aims for
a rally to a daily high of $12, where the price could face a major
resistance to break higher. The price of LINK trades at $8.3
above the 50 EMA, which indicates a good relief sign for LINK’s
price on the daily timeframe. The price of $7.3 corresponds to the
50 EMA supporting LINK values. Daily resistance for the LINK price
– $9-$10.5. Daily support for the LINK price – $7.3. Related
Reading: SushiSwap Suffers Monthly Drop In TVL – How Will SUSHI
Perform This November? Featured Image From Coin Culture, Charts
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