Key Takeaways
Chainlink is up, consolidating above the $10.50 support and the 50-day simple moving average (blue). LINK is following a key rising channel with support at $11.00 on the daily chart. The price could start a fresh surge unless there is a close below $10.50.Chainlink (LINK) is eyeing a fresh surge above $12.50. The price must stay above $10.50 to start a fresh rally in the near term.
Chainlink Price Signals Bullish Signs
After a steady decline, Chainlink found support near the $8.00 zone. LINK formed a base and started a recovery wave above the $8.50 and $9.80 resistance levels. However, upsides were limited compared to Bitcoin and Ethereum.
The price climbed above the 23.6% Fib retracement level of the downward move from the $19.23 swing high to the $8.08 low. The bulls even pushed the price above the $10.50 level and the 50-day simple moving average (blue).
Chainlink price daily chart | Source: LINK/USD on TradingView.comLINK price is now consolidating gains above the $11.00 level. There is also a key rising channel forming with support at $11.00 on the daily chart. The current price action on the daily chart suggests that the price could start a fresh surge.
Immediate resistance is near the $12.20 level. The next resistance is $12.50. A close above the $12.50 level could set the stage for a fresh surge. The main resistance is now forming near the $13.60 level. It is close to the channel resistance and the 50% Fib retracement level of the downward move from the $19.23 swing high to the $8.08 low.
A clear move above the $13.60 resistance could open the doors for a pump toward the $15.00 resistance zone. The next key resistance is near the $16.60 level. If the bulls remain in action, LINK might rally and climb toward the $18.80 level.
Recently, Chainlink shared details of SmartCon, a conference for the worlds of blockchain and finance, bridging DeFi and TradFi. It starts on Oct 30, 2024.
Another Downside In LINK?
If Chainlink fails near $12.20 or $12.50, there could be a downside correction. Immediate support is near the $11.20 zone and the 50-day simple moving average (blue).
The next major support is at $11.00 (a multi-touch zone) and the channel’s trend line, below which LINK price might slide and test $10.50. Any more losses might call for a dip toward the $8.50 support zone in the coming days.
Overall, Chainlink’s LINK price is trading in a bullish zone above the $10.50 support and the 50-day simple moving average (blue). It could soon start a fresh surge above the $12.20 and $12.50 levels in the near term.
The post Chainlink (LINK) Set to Surge: Could It Be The Next Crypto to Rally? appeared first on CoinChapter.
