LINK Bulls Face Serious Task At $11 After Strong Upward Movement

LINK bulls face serious task at the $11 level as they started a strong upward movement from the $7.32 as we are reading more in the upcoming chainlink crypto news.

The LINK token price gained quite a bit above the $8.50 and the $9.00 resistance levels against the US Dollar. The price is facing key issues near the $10.50 resistance and the 100 simple moving averages which are a key bullish flag that is forming with resistance close to the $10.45 on the 4-hour charts of the pair. The pair could rally above the $11.00 or it could trim the gains to drop back at $7.50.

Over the past week, there was a sharp rise in Chainlink above the $8.50 and the $9.00 resistance levels against the US dollar as the price remained above the $9.00 pivot level. There was a break above the 50% fib retracement level from the recent decline at the $13.30 swing high to the $7.32 low. However, the price ran into major resistance at the $11.00 and the 100 simple moving average. The LINK bulls face the serious tasks at the $11.00 level after the sharp rise above $8.50 against the US dollar. The token is facing hurdles close to the $10.50 resistance and the 100 simple moving average with a key bullish flag forming with the resistance close to the $10.45 on the 4-hour charts of the pair. The pair could either rally above this level or trim the gains to drop $7.50.

Over the past week, there was a sharp rise in Chainlink above the $8.50 and the $9.00 resistance levels against the dollar. The price remained above the $9.00 pivot level as mentioned. The price is correcting lower and trading below $10.00 with a key bullish flag forming with the resistance near the $10.45 on the 4-hour charts so if there’s an upside break above the channel resistance there could be a chance of a sharp increase above the $11 level. In this case, the price will rally towards the $12.50 and the $13.20 resistance levels.

If chainlink’s price drops to the $10.50 resistance and stays below the 100 simple moving average with the risk of a sharp decline. Initial support on the downside is close to the channel trend line at the $9.40 level as the main support is close to the $9.00 below which there are chances of a drop at the $7.50 level.