Chainlink Price Tests $11 Resistance as LINK Targets Major Breakout Levels

The latest charts indicate that the token is heading towards a significant resistance level, and traders are watching to see if this move can be a sign of a larger trend reversal.

Three different views of Chainlink price action are analyzed. Analyst LinkWarLord’s weekly chart is created based on the long-term breakout structure, BraveNewCoin market data is analysed on the latest price movement, and TradingView indicators are analysed for the near-term momentum conditions.

Analyst Chart Shows LINK Approaching Weekly Resistance

Analyst LinkWarLord posted a weekly chart of LINK suggesting a long-term descending trendline that the token is currently trading below. Analyst LinkWarLord shared a weekly chart of LINK that showed a long-term descending trendline, below which LINK is trading.

The chart has a few points of rejection that have been repeated since the last cycle high, and the recent recovery has brought the price back towards the top of the range.

If the weekly close is at or above these levels, the market structure would change, the analyst noted. LINK has been languishing at lower resistance levels for many months, but the chart shows a strong effort to get back to that area around $11.

The weekly chart reveals that LINK previously broke above $30 in past market cycles but came into a long period of consolidation in the weekly timeframe. Source: LinkWarLord Via X

The token has been establishing a bottom at lower levels and has been creating higher lows in this current recovery period.

The chart also features the current move testing a zone that was previously viewed as a zone of support/resistance. If it does move above this area, the next support level would be in the vicinity of the higher resistance levels that are depicted on the longer time frame chart.

Chainlink’s market moves are also closely tied to its mission as a blockchain oracle network, which supplies data services for smart contracts.

Market Data Indicates LINK Advancing Towards $10.98

According to BraveNewCoin market data, Chainlink was trading at $10.91 with a 4.50% increase over the past 24 hours. The token recorded a daily low of $10.41 and a high of $10.98.

According to the market data, the market capitalization of Chainlink stands at $8.16 billion, and the trading volume of the network over the last 24 hours is $553.34 million. There were 748.10 million LINK available.

LINK trades at a price of $44.60, which is still lower than its previous all-time high of $52.70 on May 10, 2021. Currently, the token is being traded around 79% off the historical peak. Source: BraveNewCoin

The daily chart depicts a recovering pattern that is gradual. LINK started at approximately $10.40 and rose to $10.60, and then headed towards $11.00. At the end of the graph, the buyers are moving the price towards the daily highs.

Volume continued to be active throughout the move, and the market data indicated steady volume throughout the session. The price action has $11 as the next level that it is approaching.

If it clears that level, it will draw attention to higher resistance areas, and should the rejection happen, LINK could be heading back to the higher support zone in the recent range of $10.50.

Indicators Show Mixed Short-Term Momentum

On the technical chart on TradingView, the LINK price seems to be consolidating around $10.895 at 04:22 UTC on August 21. The price of LINK is consolidating at $10.895 at 04:22 UTC on August 21st, according to the LINK price chart on TradingView. We have a long-term recovery that is going on on the intraday time frame, as price is rising off the lower part of the chart and moving towards the upper part of the Bollinger Band area.

During the recovery period, there are several buying signals on the Bollinger Band signals. However, after finding support near the session lows, Price started to move higher.

The Chaikin Money Flow indicator was still negative, however, at around -0.11. However, the recent price rise did not seem to have completely overcome buying pressure, as shown in the reading.

The chart indicates that LINK has briefly exceeded the $10.90 level but is then consolidating around the current price. Its price has begun to slow near the $11 resistance area, indicating short-term resistance. Source: TradingView

The price increase and lessening of CMF indicate that momentum turned for the better, but trading volume and buying pressure will play a vital role in the next move.

In all three charts, Chainlink’s price is at a significant technical level. On the weekly timeframe, there is a significant resistance level to cross; the BraveNewCoin information indicates a move towards $11, and TradingView indicators reveal positive price action, albeit with mixed momentum indicators.