LINK Printed Bullish Break, Faces Uphill Task At $10: Analysis

LINK printed bullish break after finding strong buying interest above the $8.50 support against the US dollar. The price is now trading above $9.20 but it has to go over $10 in order to gain more, so let’s read about it more in our latest Chainlink coin news.

The token price is showing positive signs above the $9.20 resistance level against the US dollar which also is trading above the 100 simple moving average between the many hurdles close to $9.80 and $10.00. There was also a break above the major bearish trend line with the resistance forming at $9.30 on the 4-hour charts of the pair. The pair could also rally higher if it breaks the $9.80 resistance level.

After another drop, Link found support at the $8.50 level as the bears made two attempts to clear the $8.50 support but they failed. The low is formed near the $8.36 level so the price then started a fresh increase. There was a break above the $8.80 and the $9.00 resistance level to start another increase. The price broke the 23.6% fib retracement level from the downward movement from the $11.29 high to the $8.36 low. There was a break above the bearish trend line with the resistance near $9.30 on the 4-hour charts of the pair. The pair is facing a tough resistance close to the $9.65 level and the 100 simple moving averages while the main resistance is near the $9.80 and the $10.00 levels. It is also closer to the 50% fib retracement level from the downward movement at the $11.29 high to $8.36 low.

Another close above the $9.80 and the $10.00 resistance levels will open the doors for a sharp increase so in this case, the price will rise steadily to the $11.00 and $11.20 levels. If LINK’s price starts a downside correction that could find support near the broken trend line and the $9.25 while the major support is near the $9.20 level. The support is now forming close to the $9.00 level below which the price will revisit the $8.50 support. Further losses could lead the price to the $7.20 support zone. The 4-hour MACD for the pair is now moving in the bullish zone while the 4-hour RSI is well above the 50 levels. Major support levels include $9.25 and $9.20. The major resistance levels include $9.65, $9.80, and $10.00 as LINK printed bullish signals that could boost the price soon.