The price of #Chainlink 's #LINK #cryptocurrency has experienced a significant increase of more than 40% and is currently being traded at a value over $10. The current market conditions indicate that the bulls are exhibiting dominance and may perhaps initiate a rally towards the resistance level of $12.

The Chainlink price is exhibiting an upward trajectory, surpassing the resistance level of $10.00 in relation to the US dollar.

The current trade price exceeds both the $10.00 threshold and the 100-day simple moving average.

On the daily chart of the LINK /USD pair, a significant bullish trend line is observed, exhibiting support in the vicinity of $8.60. This data is sourced from Kraken.

The price has the potential to go further, reaching the resistance levels of $11.25 and $12.00.

The Chainlink price begins a new rally.

Over the course of recent days, the price of LINK has initiated a robust upward movement with relation to the US Dollar. The price established a support level over $7.00 prior to the intervention of bullish market participants. A significant surge occurred beyond the resistance levels of $7.50 and $8.00.

Over the course of the past three days, the price has experienced a significant increase of more than 40% and successfully surpassed many obstacles in the vicinity of $9.00. The current surge in the value of Bitcoin has also facilitated the surpassing of the $10.00 barrier level by LINK. A fresh peak spanning many weeks is established in the vicinity of $10.99. Currently, the price is exhibiting a consolidation pattern, demonstrating strong gains that surpass the 23.6% Fibonacci retracement level. This retracement level is calculated based on the upward movement from the swing low of $7.11 to the swing high of $10.99.

The current trading price of LINK has above the $10.00 threshold and is also over the 100 simple moving average for a 4-hour period. Additionally, on the daily chart of the LINK/USD pair, there is an observable bullish trend line that is in the process of building, with a support level located around $8.60. The trend line closely aligns with the 61.8% Fibonacci retracement level, which is the proportionate decline from the $7.11 swing low to the $10.99 high.

In the event of a recent surge, it is possible that the price might encounter resistance in the vicinity of $11.20. The initial significant level of resistance is observed in the vicinity of the $12.00 threshold. A decisive breach of the $12.00 mark has the potential to initiate a gradual upward trajectory towards the $12.20 and $12.50 thresholds. The subsequent significant level of resistance is anticipated to be in the vicinity of $13.20, above which there exists the possibility of the price undergoing testing at $15.00.

Is there a limitation on the availability of dips in the LINK system?

In the event that Chainlink is unable to surpass the resistance level of $11.20, it is plausible that a downward correction may occur. The initial level of support on the downside is about $10.00.

The subsequent significant level of support is about $9.00, below which there is a possibility that the price may undergo a test of the trend line support at $8.60. Further declines may potentially result in LINK approaching the $8.00 threshold in the immediate future.

Technical indicators are tools used in financial analysis to help traders and investors make informed decisions about buying and selling assets. These indicators are based

The Moving Average Convergence Divergence (MACD) indicator, calculated over a 4-hour timeframe, indicates that the LINK/USD trading pair is seeing an increase in positive market sentiment.

The Relative Strength Index (RSI) for the LINK/USD pair has currently surpassed the 50 level after a duration of 4 hours.

The primary levels of support are shown between $10.00 and $9.00.

The primary levels of resistance are observed between $11.20 and $12.00.$LINK