While the crypto markets have become more volatile in recent times, the prices of the majority of the tokens are showing immense strength. One of them is Chainlink, which seems to be preparing for a fresh price action. The LINK price has reached one of the pivotal resistance levels and a minor rise from the current range may pave the way for the token to test the upper targets. However, the bears continue to be vigilant and hence the next price action is expected to have a major impact on the upcoming price action.
The LINK price broke above a pivotal resistance at $10 a few days ago, accumulating significant buying volume. Now that the price has risen above the crucial resistance zone, a slight upswing may lead the price beyond an important level. Additionally, the breakout does not appear to take a halt anytime from now, signalling the growing potential strength within the token. However, the bears have kept the levels restricted within the range below the descending trend line and hence, breaking above these ranges appears to be a tedious job for the rally.
What’s next? Will the LINK price reach $15?
The daily chart of the LINK price rally suggests the recent rebound has induced significant strength within the rally. The DMI and the Supertrend have tuned bullish, validating the possibility of a continued upswing. However, a rise above the bearish influence may be validated only after the price breaches the descending trend line which is likely to occur in a short while from now. Unfortunately, the bullish trend is not expected to persist for long as the bears have kept the rally under their control.
The weekly price chart offers a wider picture as it forms consecutive lower highs and lows, failing to hold the interim support. While the RSI is stuck within a descending parallel channel, the MA levels display the possibility of a golden cross. The 50-Day & 200-Day MA levels are closer to undergoing a bullish crossover, which is expected to elevate the Chianlink price beyond the required resistance at $15. Once these levels are sustained, the bulls could reclaim their dominance and initiate a strong ascending trend towards the higher targets.
