Chainlink Price Rallies Over 7% as LINK Crypto Targets $11

The trading volume amounted to approximately $503.74 million, and market capitalization was valued at approximately $7.10 billion. There are now three charts displaying various aspects of the current LINK setup, from an uptrend to a possible bearish continuation pattern.

Michael van de Poppe’s chart illustrates that LINK has been forming an ascending pattern following months of sluggish price moves. The chart shows a sequence of higher bottoms as the token keeps climbing from its recent bear market bottom.

The recent transaction brings LINK closer to the top of the recent trading range. Van de Poppe has identified a few horizontal price levels above the current price, such as around $10.87 and $11.40.

His accompanying post states that LINK is breaking into an uptrend and may continue higher towards $11. The chart also highlights the comparison between LINK and Bitcoin and displays that LINK has been creating higher highs and higher lows with the trading pair.

The structure shown reflects a previous phase of decay. LINK was once trading much higher but has gone into a bear market.

The present chart thus emphasizes the structure of the recovery and the price levels above the current price. The primary level of interest on the chart is the $11 area.

The current Chainlink setup is represented differently in Wick’s chart. It has a marked sell range that it entered before the price started on a downward trend. The latest movement is marked as a push into the upper part of the structure, as identified on the chart. Price then exited that area; the pattern shown was towards lower levels.

There are a number of labels on the chart, such as earlier up and down phases. This is the latest formation, with a previous downfall and recovery, and is called Structure 2.

The path is also near the existing formation, as per the chart. That includes both going up and down, but the main structure points go down after the rejection.

The sell range was triggered after the price slightly exceeded the expected range,” Wick said. Then the chart indicated a big rejection from this area.

The setup is therefore pushing the attention onto the sell-range reaction now. The chart does not depict the $11 upward run that Van de Poppe talks about.

Based on the price chart, LINK is trading at $9.48, with a 7.30% gain within 24 hours. During the same time frame, the token had fallen in price to a low of $8.76 and climbed to a high of $9.72.

The session lows were hit during the session, and LINK has bounced back to the top half of its daily range. The chart reveals solid movement in the early trading session followed by a pullback from the session high.

The trading volume is approximately $503.74 million, and the market capitalization is approximately $7.10 billion. The current available supply is ~748.10 million LINK.

LINK trading is also at its lowest price since it hit an all-time high of $52.70. The data on the display puts the token some 82% below that record.

The three charts thus reflect three different views of the current price structure. Van de Poppe’s chart shows an uptrend towards $11, and Wick’s chart displays rejection from a selling range.

After a recent 7.3% increase, LINK is currently trading between $8.76 and $9.72 on the live chart. The price is presently $9.48, and the token is trading below the daily highs.