After respecting a channel’s lower boundary with a sharp bounce last month, Chainlink resurged three weeks ago and sustained pressure near a two-month resistance, where a key breakout is likely to occur soon.

The past month has been a relief in the market as bears took a break in selling. Whether they will return or not is yet unknown with the latest positive sentiments surrounding the market. But technically, Link is still considered bearish as it remained trapped in a descending channel.

However, this relief has brought an interesting moment for the bulls as they steadily push Link’s price higher after recently defending $9 well.

Posting an impressive gain in the past three weeks, Link is now trading conveniently above $12 as it forms a double-bottom pattern. Today, the buying pressure has slowed down a bit following a slight rejection at $12.3, although we can expect more gains as the demand level rises.

It currently approaches a two-month resistance. A surge through this key resistance could bring a test at the upper boundary of a six-month falling channel on the daily timeframe. Increasing above this important channel will confirm a breakout for a bullish rally. For now, Link is still bearish.

While targeting the $12.7 resistance – a two-month high – a flip through it should take us to $13.9 at the channel’s upper boundary. Higher levels to watch for a channel break-up are $15.2, $17 and $19 respectively.

This week’s increase was supported by the $10.8 level. If the price dips due to a sell-off, the $9.3 and $8 supports are the next levels to watch.

Key Resistance Levels: $12.7, $13.9, $15.2

Key Support Levels: $10.8, $9.3, $8

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: skorzewiak/123RF // Image Effects by Colorcinch

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