[Chainlink targets $12: Rising open interest hints at breakout]
Chainlink (LINK) is currently holding steady above $10 and showing signs of a strong market. The increase in open interest (OI) indicates that market participants are confident in LINK’s upside potential, with the price expected to break above $12.
LINK is currently trading at $10.40, having tested resistance at $10.83. However, LINK is yet to break above the 4-hour 200 moving average (MA), which sits at $10.71 and has been a key resistance level since late August. If LINK manages to move above this moving average, it will target the next resistance level at $12.70.
Failure to break through could lead to a pullback to support at $9.30, with failure to hold there could lead to greater downside risks. With open interest rising, the market outlook looks promising if momentum continues, with a break above $12 as the next target.
