Chainlink (LINK) shows early signs of recovery as it holds near the key resistance level of $9.55. Technical indicators suggest reduced selling pressure, with a successful break above this point potentially pushing the price toward $12. Failure to hold could trigger short-term volatility, while the $8.20 level is being watched as a potential entry point.
Chainlink (LINK) is indicating signs of stability after recent corrections. At the time of writing, Chainlink is trading at $8.89, with a 24-hour trading volume of $508.69 million and a market capitalization of $6.32 billion, according to CoinMarketCap. Over the last 24 hours, LINK declined by 2.23%, reflecting short-term pressure.
Crypto analyst CRYPTOWZRD shared a technical update, stating that the daily chart for LINK was slightly bearish but trading within intraday levels. He noted that LINK needs to hold above $9.55, a crucial resistance point. If LINK can hold above $9.55, then we can expect an upward move in the direction of $12. If LINK fails to hold above $9.55, we can expect more volatility in the coming days.
The daily candle for LINK ended in negative territory, while shorter timeframes show a bearish bias during intraday sessions. Holding above $9.55 could lead to higher levels like $10.20 or beyond, whereas a failure to break through resistance could lead to sideways trading. The $8.20 level is being closely watched as a potential entry point.
Technical indicators indicate that LINK is gradually moving towards stability. The Relative Strength Index (RSI) is currently at 46.92, close to its normal value of 51.18, indicating a neutral market. The MACD is still slightly negative, but its histogram indicates that selling pressure is reducing, and the price may be pushed higher by buyers.
