Chainlink price is showing renewed strength after LINK broke above a major resistance zone on the daily chart. Currently, LINK trades around $10.64 while the 24-hour volume amounts to about $1.16 billion.
The market cap of the cryptocurrency equals roughly $7.96 billion, which translates into a market dominance of about 0.33%. The price of LINK grew by 8.40% over the last 24 hours.
The latest price move is important because Chainlink had spent several months moving within a broad range between approximately $7 and $11. However, the upper part of this range served as resistance and constrained the growth, especially in the $10.50-$11.00 range. A breakout above this range implies the beginning of a new stage for LINK provided that its price stays above this former resistance zone.
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Chainlink Price Breaks Above Long-Term Resistance
According to a recent post by crypto market analyst Crypto With Gopal, LINK breaks out of a long-term rectangle pattern on a daily chart. In other words, the $10.50-$11.00 zone becomes a crucial level to watch after extended consolidation. A move above $11 will strengthen the bullish pattern and allow the price to go upwards toward the $15 target.
The analysis also highlights a downside risk if LINK fails to hold the breakout area. A return below the $10.50-$11.00 support zone could weaken the setup and raise the possibility of a deeper decline. There is a possibility that LINK falls by approximately $3 should the overall range break down.
In addition, the recent development of Chainlink price managed to push its price through another resistance zone between $9.325 and the resistance trendline of a daily upward channel starting in June. This breakout supports the continuation of the short-term impulse wave that started in early August. However, the broader daily trend remains under pressure, meaning further confirmation is still important.
$10.85 Resistance Becomes Next Test
Technical analysis points to $10.85 as the next important resistance level. This area previously acted as resistance around the middle of May, making it a significant test for LINK. A successful move above $10.85 could improve the chances of a continued advance toward the $11-$15 region.
The development matters for Chainlink because a sustained breakout could shift market attention toward higher price levels and strengthen expectations for a wider recovery. However, failure to remain above the breakout zone could quickly bring LINK back into its previous trading range.
For now, the $10.50-$11.00 area is the key level to monitor. A decisive move above this region would strengthen the bullish case, while a breakdown below support could invalidate the current setup. The next major trend for Chainlink is likely to depend on whether buyers can defend the breakout.
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This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
