The ChainLink price surged due to the Smart NAV industry project launched by DTCC, Chainlink, and others.
After hitting new yearly highs above $22, the token encountered strong resistance from bears.
Since then, the price has stayed within the defined range of $13 to $16.
Yesterday, the price of LINK broke the symmetrical triangle pattern with a bullish candle.
Bulls quickly established a solid base around the new support zone near $13 following the breakout.
Despite initiating an upward movement, the price struggles to surpass the key resistance at $16.50.
According to Coingabbar analysis, If bulls maintain the price above the pattern, LINK may test resistance levels at $16.50 and $22.00.
Conversely, sustained bearish pressure could push the price down to the crucial support level of $13.00 by breaking the support trendline.
KEY LEVELS :
RESISTANCE LEVEL : $18.00-$22.00
SUPPORT LEVEL : $13.00-$10.00
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
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