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Brian Bollinger Despite the continuing recovery in crypto markets, Chainlink coin prices showed a bullish breakout of the $7.8 local resistance. The strong volume and bullish breakout indicate that buyers are confident of reaching higher levels. However, can the coin price surpass $9.4 resistance which has restricted bullish growth for the last eight months?advertisementKey Points: The LINK price action will extend a sideways trend until the aforementioned range is intact.
A breakout from any slide in the range will trigger an direction rally.
Intraday trading volume for the LINK coin is $1.02 billion, which represents a 46% increase.
Source: TradingviewThe chainlink coin price has been in a sideways trend for nine months. It fluctuated between the $9.45 level and the $5.5 level for over nine months. Both the $5.5 and $9.45 levels have been tested multiple times, indicating that traders are actively observing this level. The coin price recovered from the $5.5 support on January 1st. This resulted in a 48% gain, and the current price is $8.053. Trending StoriesThe coin price recently broke the $7.8 monthly resistance due to the ongoing recovery. The market is in a sustained recovery phase. This is also evident by the increasing volume during the rally. You can also read: Top Crypto Marketing Companies / Agencies 2023; Here are our Best Picks. If the daily candle closes above the buyers, they will receive additional support to climb up to the chart level. Interested traders could also find an opportunity during a possible retest to $7.8 support.The post-breakout rally could surge the LINK price by 18% to hit the $9.47 mark.However, for the coin holders to witness a significant uptrend, the coin price should surpass the $9.47 barrier or the ongoing sideways will continue for a few more sessions.Technical IndicatorEMAs: The flattish 200-day EMA accentuates the ongoing sideways trendline, However, a bullish crossover between the 50-and-100-day EMA may influence more buying orders in the market.advertisementRSI: The daily RSI slope steadily rising towards the overbought region indicates the buying pressure is strong.Chainlink Coin Price Intraday LevelsSpot rate: $8.024
Trend: Bullish
Volatility is high
Resistance levels: $8.311 and $9.4
Support levels: $7.7 and $10.8
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The content presented may contain the author’s personal opinion and is subject to market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.