Chainlink Price Struggles To Break Above, Can Price Hit 10?

• LINK price holds strong above 50 EMA on daily timeframe with a string. 
• LINK rallies as price eyes $10 ahead of its announcement of staking. 
• The price faces resistance at $9 in the weekly timeframe. 

Chainlink (LINK) price showed bullish strength recently, but the price has struggled to break above key resistance against tether (USDT). With its intending staking in December 2022, there is high hope of a major rally for the price of Chainlink (LINK). Despite the uncertainty, the price of LINK has looked decent, holding up pretty well as other altcoins drop significantly in price and value. (Data from Binance)

Chainlink (LINK) Price Analysis On The Weekly Chart 

Chainlink Co-Founder Sergey Nazarov announces Staking Plans, Aims to Be Web3’s AWS, ahead of its scheduled plan to launch staking in December and a new economic model for the Web3 services platform at SmartCon 2022.

The price of LINK has recently bounced from a low of $6.5 in the weekly timeframe rallying to a high of $8 before rejecting to a region of $7, where the price has formed good support for price sell-off on the weekly timeframe.

LINK price moved from that region breaking higher to $8.5, where the price is currently facing resistance to breaking higher to a region of $10.

The price of LINK needs to break the $9 resistance with good volume for the price to have an opportunity to trend to a higher region; if the price of LINK is rejected, we would expect the price to retest the support area of $7 where demand for the price of LINK has been created.

Weekly resistance for the price of LINK – $9.

Weekly support for the price of LINK – $7.

Price Analysis Of LINK On The Daily (1D) Chart
Daily LINK Price Chart | Source: LINKUSDT On Tradingview.com

In the daily timeframe, the price of LINK continued to show strength as the price faced rejection in an attempt to break $8.5, with the price holding strong and continuing to maintain its bullish structure. 

If the price of LINK continues to hold and maintain this structure it has formed on the daily timeframe, we could expect the price of LINK to break above $8.5 to a region of $9.

The price of LINK trades at $7.9 above the 50 Exponential Moving Average (EMA) but below the 200 EMA. The 50 EMA acts as a support while the 200 EMA acts as resistance to the price of LINK. The price of $7.5 and $9.8 corresponds to the price of 50 and 200 EMA, respectively, on the daily timeframe for LINK price.

A break and close below $7.5 could see the price of LINK retest lower regions as this invalidates the bullish setup.

Daily resistance for the LINK price – $9.8.

Daily support for the LINK price – $7.5.

Featured Image From CoinCulture, Charts From Tradingview