bullish

Resistance

Chainlink

<ul> 
 <li aria-level="1">Chainlink (LINK) price hits $11.96, reflecting a 5.47% increase, with market capitalization rising to $7.50 billion.</li> 
 <li aria-level="1">Trading volume for LINK surges 86.08%, reaching $222.24 million, indicating growing trader confidence and market activity.</li> 
</ul> 
Chainlink (LINK), is currently displaying signs of potential growth in the cryptocurrency market. This technology notably enhances security across different blockchain networks, a feature increasingly essential for transactions involving non-fungible tokens (NFTs) and supporting vast financial exchanges. 
<div class="cryptoboxes" id="mcw-12709" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-chartcoin="LINK" data-chartcurrency="USD" data-chartrate="1.000268" data-charttype="chart" data-chartview="day" data-charttheme="light" data-chartsmooth="true" data-chartareacolor="" data-chartbgcolor=""></div>
</div> 
As of the latest <a href="https://www.ethnews.com/will-link-smash-through-the-12-barrier-analysts-say-its-only-a-matter-of-time/">data by ETHNews</a>, LINK is trading at $11.96, marking a 5.47% increase over the last 24 hours, and bringing its market capitalization to $7.50 billion, up by 5.46%. Additionally, the trading volume has seen a significant jump of 86.08%, amounting to $222.24 million in the same period. 
<figure id="attachment_100953" aria-describedby="caption-attachment-100953" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-100953" src="https://www.ethnews.com/wp-content/uploads/2024/10/LINKUSD_2024-10-21_09-31-13-e1729564652776.png" alt="LINKUSD_2024-10-21_09-31-13" width="1772" height="1072">
 <figcaption id="caption-attachment-100953" class="wp-caption-text">
 Source: Tradingview
 </figcaption>
</figure> 
These statistics reflect a rising trader interest and a strengthened market presence that might pave the way for further gains. 
Currently, LINK is through a price range with established support at $10.31 and resistance at $13.01. Technical indicators like the Stochastic RSI suggest overbought conditions, with readings over 97, which could predict a brief price correction before an upward continuation. 
Should LINK surpass the $13.01 resistance, the next targets could be $14.85 and potentially $19.23 if the momentum sustains. The Bollinger Bands on LINK’s price charts are also widening, indicating that volatility is high and could lead to significant price movements in the near term. 
<figure id="attachment_100957" aria-describedby="caption-attachment-100957" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-100957 size-full" title="Chainlink-Transaction-Count-Total" src="https://www.ethnews.com/wp-content/uploads/2024/10/Chainlink-Transaction-Count-Total-1-2048x1152-1.png" alt="Chainlink-Transaction-Count-Total" width="2048" height="1152">
 <figcaption id="caption-attachment-100957" class="wp-caption-text">
 Source: CryptoQuant
 </figcaption>
</figure> 
Further underpinning the <a href="https://www.ethnews.com/chainlinks-positive-funding-rate-signals-investor-confidence-amid-market-stability/">optimistic outlook</a> is the network’s increasing activity. Data from CryptoQuant shows a 1.34% rise in active addresses and a 1.51% increase in transaction counts in the last day, suggesting heightened user engagement and adoption. This dynamic is often viewed positively as it reflects a robust and active network. 
<figure id="attachment_100965" aria-describedby="caption-attachment-100965" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-100965 size-full" title="Chainlink-Exchange-Reserve-All-Exchanges" src="https://www.ethnews.com/wp-content/uploads/2024/10/Chainlink-Exchange-Reserve-All-Exchanges-1-2048x1152-1.png" alt="Chainlink-Exchange-Reserve-All-Exchanges" width="2048" height="1152">
 <figcaption id="caption-attachment-100965" class="wp-caption-text">
 Source: CryptoQuant
 </figcaption>
</figure> 
Another critical factor to consider is the decline in LINK tokens held in exchange reserves, which have decreased by 0.19%, now standing at 163.8 million. This trend often indicates that holders are opting to keep their tokens in personal wallets or other forms of storage, anticipating future price increases.&nbsp; 
A lower supply of tokens available for trading on exchanges could lead to price spikes as demand may exceed the readily available supply. 
<figure id="attachment_100969" aria-describedby="caption-attachment-100969" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-100969" src="https://www.ethnews.com/wp-content/uploads/2024/10/LINKUSDT.P_2024-10-21_22-40-33.png" alt="LINKUSDT.P_2024-10-21_22-40-33" width="1366" height="959">
 <figcaption id="caption-attachment-100969" class="wp-caption-text">
 Source: Tradingview
 </figcaption>
</figure> 
LINK exhibits several indicators of a <a href="https://www.ethnews.com/ida-and-chainlink-partner-to-boost-hkda-stablecoins-interoperability-and-trust/">bullish future</a> in the cryptocurrency market. With its technological foundations and current market dynamics, it remains a watched asset among traders and investors, potentially poised for further price exploration. 
The post <a href="https://www.ethnews.com/the-bullish-case-for-chainlink-price-hits-11-96-with-potential-resistance-breakout-ahead/">The Bullish Case for Chainlink: Price Hits $11.96 with Potential Resistance Breakout Ahead</a> appeared first on <a href="https://www.ethnews.com">ETHNews</a>.

The Bullish Case for Chainlink: Price Hits $11.96 with Potential Resistance Breakout Ahead

ETHNews

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