Chainlink Price Tests $11.50 as LINK/BTC Nears Breakout Zone

The market capitalization is $8.65 billion, and the reported trading volume is $307.47 million.

LINK briefly touched the displayed price of $11.78 before a rally to the sellers’ side brought the price toward $11.51. A brief rally lifted the price to around $11.59 before another drop helped drive the price down to $11.46 at the close. They were later returned to the buyer, with the price mostly within the range of $11.48 to $11.56.

Notably, the Brave New Coin chart displays that LINK has recently taken on a more stable trajectory following its initial downtrend.

The price has been able to stay above the $11.46 level, which is the most recent confirmed support level. But LINK is still not recovering from the top of the trading range for the day.

The immediate resistance is found at the price range of $11.57 to $11.60. That area encompasses the present rate and also a previous rebound peak. Source: BraeNewCoin

If the price action continues to value $11.60, it will bring $11.80 into focus.

After hitting the low, Price recorded a couple of small rebounds. Every time, it failed to get buyers back to the opening area.

The volume of the trade gradually declined throughout the session shown. But activity was lower in the recovery period, indicating that buying demand was not expanding much.

If they cross below the $11.46 level, then the major support of the session would be gone.

LINK also trades 78.05% below its $52.70 all-time high from May 2021. It has a supply of 748.10 million tokens available.

A LINK/BTC chart published by analyst Moe reveals that the pair is squeezing into a long-term descending pattern. Since the previous cycle high, the top trendline has been holding back gains.

The price is currently close to the bottom of the range and a highlighted demand area. The analyst is calling this a potential pivot point from Bitcoin to LINK. But the chart has failed to confirm that forecast rally. Source: Moe Via X

If a close above an established resistance trend, it would be a contradiction of the lower highs trend. If such a move occurred, it would be a sign that LINK is gaining relative strength against Bitcoin. If the price remains below that level, it will maintain the overall BTC/_LINK bearish trend.

The pair is also coming up to the narrow end of the structure. Compression is when support and resistance levels are narrowing.

Meanwhile, the price on the one-minute LINK/USDT chart on TradingView is heading towards $11.528 at the end of the session. LINK climbed higher to $11.59 till 15:00 UTC and then went back to $11.50.

According to technical charts, the Bollinger Bands strategy has generated a few sell signals at the top of the short-term trend. Source: TradingView

Markers were seen during pullbacks; however, the end of the decline brought LINK back towards the bottom of the range.

Chaikin Money Flow dipped below the neutral zero line to -0.39. During the period of measurement, the amount of volume sold exceeded the amount of volume purchased, as suggested by the reading.

LINK must recover $11.55 and $11.60, whereas CMF must move towards zero. Failure to hold $11.50 would expose $11.46. A break above $11.80 would place $12.00 in focus.