LINK price is accumulating bullish momentum, as seen from the technical indicators and pattern formations. An upside break above an important level of resistance will help in sustaining the bullish move, while maintaining support levels around the price will be very important for keeping a favorable picture ahead.
At the time of writing, LINK is trading at $7.99, with a 24-hour trading volume of $178.34 million and a market capitalization of $5.82 billion. The token is up just 0.07% over the last 24 hours, suggesting price action has remained relatively stable despite broader market uncertainty.
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LINK Price Holds Bullish Structure Despite Short-Term Risks
A crypto analyst, CRYPTOWZRD, provided an updated technical view on July 11, noting that the daily candle of LINK has closed above the bullish level. It was stated that the next significant move will depend on how the LINK/BTC trading pair, which is also showing improved strength.
CRYPTOWZRD said that the LINK/BTC will be breaking out from its long-term daily wedge formation in the coming days. In the event of a breakout, it can help add to the momentum of LINK versus the USD and give it a push towards the $10.00 level.
Nonetheless, the journey to the top might not always be easy. According to the analyst, LINK needs to test the support at the $7.65 mark first before buyers begin taking positions. As long as the coin stays above the said region, the overall bullish bias is in place. A break above $8.20 will add credence to the idea of an upside push.
Technical Indicators Continue to Improve
This daily chart also confirms the improving trend. The stock trades above the middle line of the Bollinger Bands, located at $7.64, which usually works as a dynamic support during bullish trends. The top line of the Bollinger Bands is located at $8.25.
A breakout above this level will likely result in more upside movement. Otherwise, a fall below the middle band is likely to make it more probable for the price to test the support at $7.04.
MACD indicates initial bullishness with the MACD line standing at -0.0332 while the signal line stands at -0.1083. The histogram is also positive at 0.0751, indicating the momentum in buying is increasing. Should this pattern continue, the LINK price may move to recover further in the ensuing trading periods.
Together, these signals suggest that LINK’s recent recovery may still have room to continue if buyers remain active.
What Comes Next for LINK Price?
Technically, LINK appears to be laying a solid foundation, having defended key levels of support. However, it remains possible that LINK will witness a short-term correction, but overall momentum and chart setup remain bullish.
In the coming few sessions, it is going to be determined if the LINK price is able to break past $8.20 and move on to $10.00 or if it is going to retest support levels before moving higher again. For now, investors will look at both LINK price movement and LINK/BTC’s performance to determine its next big move.
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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.
