- Chainlink consolidates above $10 support, signaling potential upward movement.
- Rising open interest shows growing confidence in Chainlink’s bullish momentum.
- A breakout above the 200 MA could push Chainlink toward the $12 target.
Chainlink (LINK) is showing signs of strength as it consolidates above the $10 support level. After weeks of volatility, the altcoin has steadied.
This hasn’t gone unnoticed by both analysts and investors. With rising open interest, LINK could be preparing for a breakout, potentially pushing its price toward $12 or more.
Rising Open Interest Boosts Confidence
One of the strongest indicators for Chainlink is its rising open interest (OI). OI measures the number of active contracts, reflecting increased trader and investor engagement.
A rise in both price and OI is often a sign of a persistent uptrend.
In Chainlink’s case, this is exactly what’s happening.
The increase in open interest shows that market participants are confident in LINK’s potential. This has built optimism that the current consolidation phase could lead to a price surge.
What’s Next for Chainlink?
$LINK is currently trading at $10.40, having tested resistance at $10.83. Despite the strong market sentiment, LINK has been unable to break through the 4-hour 200 moving average (MA), which stands at $10.71.
Read CRYPTONEWSLAND on
google news
This moving average has been a stubborn resistance since late August. For LINK’s bullish trend to continue, this moving average must be reclaimed and target the next resistance level at $12.70.
However, if LINK fails to clear this level, a pullback is likely. Support can be found at $9.30, but if this level fails to hold, it could signal more downside risks for traders and investors.
With growing open interest and support at key levels, Chainlink appears ready for a big move. If the momentum continues, a breakout above $12 could be the next major target.
The rising open interest suggests that many in the market are betting on higher prices. If Chainlink successfully breaks through the 200 MA and holds its gains, the outlook could turn even more bullish.
Crypto News Land, also abbreviated as “CNL”, is an independent media entity – we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
