Chainlink (LINK) has been one of the outliers in the crypto market as its price has risen in a time that the majority of prices in the crypto market have fallen or continue to fall.
According to CoinMarketCap, the price of LINK has risen by 7.73% over the last 24 hours. The coin’s price has also risen an astonishing 30.32% in the last seven days. Due to these price movements, the price of LINK is now around $9.20, and its market cap is approximately $4.30 billion – ranking it number 20 on CoinMarketCap’s list of the biggest crypto market caps.
Looking at the daily chart for LINK/USDT, LINK has been in a bullish rally over the last week and rose from $7.30 to its current level around $9.20. Its price has also broken the resistance, flipping to support; its level is at $7.80. The next level that it will look to test is $10.00.
Looking at the 9 and 20 Moving Average (MA) lines, the 9 MA has crossed above, and has stayed above, the 20 MA line, which is a bullish sign. Given the fact that this cross occurred on the daily chart, we could see the rally for LINK continue as the 9 MA is also currently breaking further away from the 20 MA – another bullish sign.
Should the price of LINK break the $10 barrier, LINK’s price will have enough momentum to target the next resistance level of $12.00. This means that there is another potential 30% move on the cards for the coin if all of this plays out. However, if the price of LINK is unable to successfully test $10.00, then we could see a bearish scenario play out.