Chainlink (LINK) Nears Key Resistance At $12.50 With Bullish Potential
- Chainlink (LINK) is stabilizing at $11.35 with the potential to break through the $12.50 resistance level.
- A bullish move could push LINK toward the critical $16.00 level, drawing trader interest.
- Failure to break resistance may lead LINK to test support levels at $9.50 and $7.30.
Chainlink (LINK) is among the most discussed cryptocurrencies by traders, and the recent price fluctuations may indicate the growth. In a recent X post, WZRD mentioned that the token was slightly bullish and there could be more up to come for the LINK.
According to the analysis, Chainlink is indicating a rebound from the recent trends. This price point is important because it seems to indicate that the token is stabilising and could be gearing up for more movement. The analyst added that he will be looking at the intraday charts to look for trading opportunities and changes in the market.
Chainlink Potential Bullish Breakout
LINK is currently at $11.20 with a resistance level of $12.50. If it pull through this resistance, there is potential to continue with the upward trend and possibly hit the next critical level of $16.00. Thus, the current bullish signals serve as the background that indicates that cryptocurrency is about to experience a new wave of growth.
Source: TradingView
While if the token encounters resistance it could return to the $9.50 and $7.30 levels. The major support level is $5.00 however this is expected to only be seen in the instance of a market dip or a mass sell off.
The bullish sentiments have been timid in recent trading sessions, but the closing of the recent sessions reflects a positive market sentiment. If the token could sustain the current support level and break through the $12.50 level, it is likely to stimulate the buying interest. This would create a way of a possible move to the $16.00 level which many traders will be looking at.
Key Levels to Watch
However, if token does not manage to surge past the $12.50 level, a correction towards $9.50 is possible. Any break below this level may open the door for more selling pressure targeting $7.30 as the next support level.
In the near future, Chainlink has a potential for both, a rise to the upside and a drop to the downside. However, there are indications of possible increase but traders should be cautious because the market is still very shaky. LINK price action would be of interest in the coming days; traders would be watching key resistance and support levels.
Read more: https://www.tronweekly.com/chainlink-link-nears-key-resistance-at/
Text source: TronWeekly
