LINK’s Impressive Rally Over the Last Week May Not Be Over Yet

Chainlink (LINK) has been one of the outliers in the crypto market as its price has risen in a time that the majority of prices in the crypto market have fallen or continue to fall.

According to CoinMarketCap, the price of LINK has risen by 7.73% over the last 24 hours. The coin’s price has also risen an astonishing 30.32% in the last seven days. Due to these price movements, the price of LINK is now around $9.20, and its market cap is approximately $4.30 billion – ranking it number 20 on CoinMarketCap’s list of the biggest crypto market caps.

Looking at the daily chart for LINK/USDT, LINK has been in a bullish rally over the last week and rose from $7.30 to its current level around $9.20. Its price has also broken the resistance, flipping to support; its level is at $7.80. The next level that it will look to test is $10.00.

Looking at the 9 and 20 Moving Average (MA) lines, the 9 MA has crossed above, and has stayed above, the 20 MA line, which is a bullish sign. Given the fact that this cross occurred on the daily chart, we could see the rally for LINK continue as the 9 MA is also currently breaking further away from the 20 MA – another bullish sign.

Should the price of LINK break the $10 barrier, LINK’s price will have enough momentum to target the next resistance level of $12.00. This means that there is another potential 30% move on the cards for the coin if all of this plays out. However, if the price of LINK is unable to successfully test $10.00, then we could see a bearish scenario play out.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.