- ChainLink price is well supported at the $22.00 position, and the main resistance is identified at levels of $29.00 and $30.00.
- ChainLink bullish momentum continues to seek a break above $29.00 to target $30.00 should the floor maintain at $22.00.
- As the volume and open interest increase, the ChainLink price is targeting $30.00 testing a crucial support level of $22.00 to continue the quest.
ChainLink price is receiving close to the critical resistance mark of $30.00, which has increased speculations of a possible breakout. Following its stability around $22.00, ChainLink has continued its bullish momentum, and traders are paying close attention to the possibility of the asset breaking above $30.00.
ChainLink Price Retests Key $22.00 Support After Bullish Rally
ChainLink price is challenged by key support on $22.00, which had been supported in the recent price action as per Ali Charts. The price has retraced and consolidated at this level after a bullish rally. Provided that ChainLink price holds above this support level, then the bullish move can be resumed, with a possible upside target at $29.00 or $30.00. The Fibonacci 0.786 at $20.115 is also a very good support and holding above the zone may indicate additional breakout.
Source: ali_charts/X
Failure to maintain $22.00 or to break below the resistance level at $20.115 would however be the indication of a deeper sell off, and the downside potentials may be at $15.00 or even below. These are the major levels to which traders should pay careful attention to make decisions on whether the ChainLink price will trend more to the upside or a possible pullback.
ChainLink Price Faces Key Resistance as Bullish Sentiment Grows
ChainLink has important resistances at $29.00 and $30.00. A strong volume movement above the $ 29.00 resistance point might see the ChainLink price rise to the $ 30.00 mark and beyond. The volume is up +129.14% to 6.72B and the open interest is up +5.33% to 1.66B, indicating bullishness. Long/Short stands at the threshold of balance $0.9885, whereas Binance figures reflect a bullish inclination, as $1.7617 of long-to-short on LINK/USDT accounts and $2.2992 of the same on top traders.
Source: Coinglass
The ChainLink price can continue to reach higher considering the volume and open interest that back long positions. If we see a decisive break above $30.00, it could mark an extension of the bullish movement, setting forth more targets.
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