Chainlink Price Holds $11 as Charts Split Between Rally and Pullback Risk

Chainlink fell 2.71% in the last 24 hours as it trades around $11.05, according to market data. LINK increased to $10.92 and traded nearly $371.89 million.

Chainlink Price Holds Near $11

Meanwhile, the BraveNewCoin chart indicates that the latest session is dominated by sellers. LINK edged up from near $11.31 but briefly pushed back above $11.20.

The recovery was lost in the afternoon. Price subsequently made a couple of tests at $10.94 before trending back to $11.12. Sellers took off fast and moved LINK back in the direction of $11.05.

 

The immediate level of support is $10.92, which can be repeated. But a lack of follow-through above $11.10 suggests that buyers have not regained control over the intraday charts. Source: BraveNewCoin.

Market cap remained around $8.27 billion with 748.10 million LINK in circulation. The token stood 79.02% below its $52.70 all-time high from May 2021.

Bullish Pennant Keeps Higher Targets Open

Using the daily chart, Lana Valentis spotted a bull pennant on LINK following its chart advance of approximately 50%. The chart shows a breakout from a long downtrend.

 

The chart indicates that the LINK uptrend is starting from the $7.50 level and consolidating at the $11 level. The pennant has fewer moves in price, indicating a period of rest after the big move. Source: Lana Valentis Via X

If it breaks above the upper limit of the pattern, then $11.50 and $12 are going to be in focus. $15.50 and $20 are potential future resistances.

It has extended the range of projection to the red resistance line at $24.80. That objective is based on a pennant breakout and holding above each intermediate level.

A bullish pattern fails if LINK breaks below the bottom of the pennant. The $10 zone would then become relevant, and $7.50 would provide the greater support structure.

Analyst Chart Warns of a Pullback

Notably, the other short-term picture comes from Investor Jordan’s daily Coinbase chart. LINK rallied from under $8 before moving up to the $11.90 level and creating a couple of choppy candles.

The price failed to break through the four-hour resistance level around the $11.90 price level. Weekly support is also above, at $12.50, with sellers above the range.

 

The bottom line of weekly support is at $10.75, according to the trendline drawn below. It then moves towards a lower red support and entry area around $8.50. Investor Jordan Via X

This means a clear downtrend must occur below $10.75 for that to happen. Until then, the anticipated fall remains a chart trend and not a market action.

LINK Faces Narrow Decision Zone

All three graphs are focusing attention on the $10.75 to $11.90 range. With the Brave New Coin low at $10.92, it has already come close to the bottom limit.

A $10.75 holding will maintain the pennant formation and provide an additional chance to test $11.50. A close above $11.90 would appear to favor the bulls and provide exposure to $12.60.

If this falls below $10.75, it will bring focus to $10.25. Further selling might then help to break the chart into $8.50 support and up to $9.

The breakout must be accompanied by a volume increase in either direction to confirm. If it is not more involved, LINK can remain in a trading range between support and resistance levels, with both scenarios remaining viable. Such a confirmation would indicate who has the next daily move.