Chainlink Gains Over 11%, Can It Break Through the $15 Barrier?

• Chainlink has posted an 11% gain, holding steady at $11.
• LINK’s daily trading volume has climbed to $729 million.

The crypto market has rebounded by 3.40%, with major assets like Bitcoin and Ethereum surging over 5% each. Meanwhile, Chainlink (LINK) has jumped more than 11.85% in the past 24 hours.

Notably, the asset traded at a low of $10.33 in the early hours. Soon, Chainlink exhibited an upside rally, climbed to a high of $11.84. At press time, Chainlink traded at $11.59, with its market cap reaching $7.61 billion. 

Furthermore, the market observed a liquidation of $1.52 million in LINK as per Coinglass data. Also, the asset’s daily trading volume has spiked by 9.95% to  $729 million. 

Over the last seven days, Chainlink has lost over 15.74%. The asset opened the week trading at around $14.35, and the bears pulled the price back to a low of $10.21.

Is LINK Gearing Up for a Breakout or Pullback?

Chainlink’s Moving Average Convergence Divergence (MACD) line and signal line are settled below the zero line. This crossover highlights the active downtrend. Besides, the Chaikin Money Flow (CMF) indicator at -0.28 infers heavy outflows, pointing to a bearish market sentiment. 

LINK’s downside price action could push the price down, bringing in a retest at around the $11.24 support zone. If the asset fails to hold this level, the emerging death cross might slip the price toward $11 or even lower. 

On the upside, if the asset steps into the bullish zone, the price might climb to its nearby resistance at around $12. A steady upside correction could trigger Chainlink to mount and form a golden cross, eyeing the $12.76 range.

The asset’s current market sentiment is neutral, slightly moving towards bearish momentum with the daily relative strength index (RSI) at 42.65. LINK’s Bull Bear Power (BBP) value of 0.2073 suggests that bulls have slight control over the market.

Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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