In recent market activity, Chainlink‘s native token, LINK, experienced a notable rise, climbing by 6.21% within a day to reach $12.11. During the trading session, the token’s value fluctuated between $11.25 and $12.22, recording a daily trading volume of $538.65 million. The price recovery brought LINK close to its short-term resistance zone after rebounding from a crucial $11 support level.
Short-Term Focus on the $12-$13 Range
In the short term, the $12-$13 price range serves as a crucial resistance area for LINK. This outlook separates itself with near-term barriers while suggesting a broader encounter with a descending trend line that has been in place since LINK’s previous market peak. Analyst Jordan highlights that LINK has previously surged towards the $13 mark before slipping back into an accumulation phase.
The graph shared by Jordan depicts a weekly resistance zone positioned between $12.80 and $13. While LINK has reached this area in the past, it failed to maintain its gains, leading to a retreat back into its trading range.
According to Jordan’s analysis, “The weekly resistance between $12.80 and $13 remains a key barrier that LINK previously couldn’t sustain.”
This dynamic makes the $12 level the first short-term threshold. Any sustained move above daily resistances could push the $13 zone into focus once more. Upward, the psychological barrier stands at $15, while downward resistance can be seen at $11, with $10 offering underlying support. A deeper pullback could see support around the $9.20 level.
Has Increased Volume Supported the Recovery?
Yes, as market data indicates a spike in trading activity alongside the price increase. LINK’s 24-hour peak rose to $12.22, while its lowest dipped to $11.25. This illustrates a nearly $1 recovery from the intraday low.
Chainlink operates as a renowned decentralized oracle network, integrating off-chain data with decentralized applications. The project’s market cap stands at about $9.06 billion, with a circulating supply of 748.10 million LINK.
- LINK remains 77% below its all-time high of $52.70.
- Intraday charts show a steady upward trend from the $11.25 mark, surpassing $12 in later sessions.
- Despite recent advances, the price movement highlights a return to known resistance rather than a breakthrough.
Attention in the long-term perspective is turning towards a descending resistance line formed since the 2021 peak. Quinten’s monthly graph connects the recent highs within a secondary downward line, indicating LINK’s proximity to a crucial technical boundary dictated by a multi-year downtrend.
Quinten notes, “The current three-week structure shows an upward turn, with the monthly view approaching a similar shift.”
Still, a confirmed breakout above the existing downward resistance has yet to materialize. Hence, LINK continues to test the $12-$13 range as a short-term resistance zone, while broader analysis monitors whether the price can surpass the multi-year declining trend line and uphold its recovery above the $11 mark.
