Chainlink (LINK) started a strong increase above the $9.65 resistance against the US Dollar. The price is now attempting another upside break above the $11.00 resistance.
- Chainlink token price is showing positive signs above the $10.00 resistance against the US dollar.
- The price is now testing the $11.00 resistance and it is well above the 100 simple moving average (4-hours).
- There is a short-term rising channel forming with support near $10.50 on the 4-hours chart of the LINK/USD pair (data source from Kraken).
- The pair could rally if there is a clear break above the $11.00 and $11.25 resistance levels.
Chainlink (LINK) Price Rallies 8%
In the last technical analysis, we saw a bullish breakout in chainlink (LINK) above the $9.00 resistance level. The price remained in a positive zone and it gained pace above the $10.00 resistance level (similar to bitcoin above $11,000).
The price rallied over 8% and it broke the 61.8% Fib retracement level of the key decline from the $11.30 swing high to $8.35 swing low. During the rise, there was a break above a crucial bearish trend line at $9.50 on the 4-hours chart of the LINK/USD pair.
The price is now testing the $11.00 resistance and it is well above the 100 simple moving average (4-hours). It is also trading above the 76.4% Fib retracement level of the key decline from the $11.30 swing high to $8.35 swing low.
<img alt="Chainlink (LINK) Price" class="alignnone size-full wp-image-446093" data-lazyloaded="1" data-sizes="(max-width: 1828px) 100vw, 1828px" data-src="https://www.cointelegraph.com.au/wp-content/uploads/2020/10/Chainlink-LINK-2-12.png"