bullish

Chainlink

<ul>
 <li>Chainlink consolidates above $10 support, signaling potential upward movement.&nbsp;&nbsp;</li>  
 <li>Rising open interest shows growing confidence in Chainlink's bullish momentum.&nbsp;&nbsp;</li>  
 <li>A breakout above the 200 MA could push Chainlink toward the $12 target.&nbsp;&nbsp;</li> 
</ul>  
<a href="https://cryptonewsland.com/top-5-cryptocurrencies-to-watch-monero-chainlink-avalanche-polygon-and-vechain-this-week/" target="_blank" rel="noopener noreferrer nofollow">Chainlink (LINK)</a> 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 $12 or more.  
<h2 class="wp-block-heading" id="h-rising-open-interest-boosts-confidence">Rising Open Interest Boosts Confidence</h2>  
One of the strongest indicators for Chainlink is its rising <a href="https://cryptonewsland.com/surging-xrp-price-triggers-significant-open-interest-increase/" target="_blank" rel="noopener noreferrer nofollow">open interest</a> (OI). OI measures the number of active contracts, reflecting increased trader and investor engagement.&nbsp;  
A rise in both price and OI is often a sign of a persistent uptrend.  
In Chainlink’s case, this is exactly what’s happening.&nbsp;  
The increase in open interest shows that market participants are confident in LINK's potential. This has built optimism that the current consolidation phase could lead to a price surge.&nbsp;  
<h2 class="wp-block-heading" id="h-what-s-next-for-chainlink">What’s Next for Chainlink?</h2>  
<a href="https://coinmarketcap.com/currencies/chainlink/" target="_blank" rel="noopener noreferrer nofollow">$LINK</a> 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.&nbsp;  
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.&nbsp;  
The rising open interest suggests that many in the market are betting on higher prices. If Chainlink successfully breaks through the <a href="https://www.investopedia.com/ask/answers/013015/why-200-simple-moving-average-sma-so-common-traders-and-analysts.asp" target="_blank" rel="noopener noreferrer nofollow">200 MA</a> and holds its gains, the outlook could turn even more bullish. 
The post <a href="https://cryptonewsland.com/chainlink-targets-12-rising-interest/" rel="noopener noreferrer nofollow">Chainlink (LINK) Eyes $12: Rising Open Interest Hints at Breakout</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.

Chainlink (LINK) Eyes $12: Rising Open Interest Hints at Breakout

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