• Chainlink price is going for a breakout to the upside with a break of the $30 barrier.
  • Just above, buyers face a double secured resistance level. 
  • With the uptrend confirmed by the 55-day SMA, a pop higher will happen soon.

Chainlink (LINK) is gaining traction after buyers faded in between $24 and $27. With the clear breach of $30 to the upside, it is only a matter of time before $31.30 breaks as well and buyers will see upside potential up to 26% if they manage to stay in control. 

Chainlink price is ready for a flood of buyers pouring in

Chainlink buyers have pushed price action above $30.21. That level goes back to June 5, and price action has been very choppy around this region, with a few false breakouts at the beginning of September. LINK retreated below it but has been testing the level again the past few days for any upside. The break came on Tuesday, and now buyers will try to hold price action above $30.21 as this should now be turned into support and in their favor.

On the upside in LINK, buyers face a double whammy in resistance with $31.26, a double top from September 2, and just above there around $31.50, the R1 monthly resistance level. That level has been broken once to the upside and once to the downside, but no real clear price reaction has been seen. It is interesting to see if buyers can push Chainlink above it and stay above there for longer.

LINK/USD daily chart

LINK/USD daily chart

Once LINK is secure above $31, expect an attempt to $33. That is again a double top formation from June 1. As that level has already been chopped up, expect some short-term resistance but not at its full potential. Once beyond there, it is not that far off to the high from April 28 at $38.40

In case sellers should keep the double resistance level in place at $31, expect a push lower again toward the 55-day Simple Moving Average as support.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Ripple's XRP set sights on $1.100 following renewed investor interest

Ripple's XRP set sights on $1.100 following renewed investor interest

Ripple's XRP rallied nearly 20% on Tuesday, defying the correction seen in Bitcoin and Ethereum as investors seem to be flocking toward the remittance-based token. 

More Ripple News
Dogecoin Price Prediction: Could DOGE ETF spark new all-time high after 130% rise?

Dogecoin Price Prediction: Could DOGE ETF spark new all-time high after 130% rise?

Dogecoin rose over 15% on Tuesday as traders anticipate a price move toward the $1 threshold following Bloomberg analyst Eric Balchunas's post regarding a DOGE exchange-traded fund.

More Dogecoin News
Hedera's HBAR rallies nearly 20% as Canary Capital files for HBAR ETF

Hedera's HBAR rallies nearly 20% as Canary Capital files for HBAR ETF

Hedera's HBAR is up nearly 20% on Tuesday as Canary Capital submitted an S-1 registration to the US Securities & Exchange Commission for an HBAR exchange-traded fund.

More Hedera News
Ethereum Price Forecast: ETH down despite hype from Beam Chain unveil

Ethereum Price Forecast: ETH down despite hype from Beam Chain unveil

Ethereum is down 1% on Tuesday despite developer Justin Drake proposing the Beam Chain, a new consensus layer that aims to ship a series of changes that will fast-track the Main chain's roadmap to faster block times and quantum resistance.

More Ethereum News
Bitcoin: Further upside likely after hitting new all-time high

Bitcoin: Further upside likely after hitting new all-time high

Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP