Chainlink Price Eyes $10 as LINK Breaks Key EMA Resistance. Source: EconoTimes
Chainlink (LINK) is showing renewed bullish momentum after reclaiming several important short-term technical levels, fueling speculation that the cryptocurrency could be preparing for a stronger trend reversal. Trading around $8.72, LINK has successfully climbed above both the 26-day and 50-day exponential moving averages (EMAs), improving its near-term technical outlook.
The recovery began after LINK established a local bottom near $7.20 earlier this month. Since then, the token has formed a consistent pattern of higher highs and higher lows, signaling that buyers are gradually regaining control. Unlike previous rebound attempts, this rally has been supported by stronger trading volume, suggesting genuine market participation rather than a temporary short squeeze.
The next major challenge for Chainlink sits in the $8.80 to $9.00 resistance zone. Although LINK briefly traded above this range during the latest session, selling pressure pushed the price back, indicating that bears are still defending this level. A decisive daily close above this resistance could pave the way for a rally toward the psychological $10 mark, an area that previously acted as significant resistance in May.
Technical indicators also favor the bulls. The Relative Strength Index (RSI) has climbed above 60 without entering overbought territory, leaving room for additional upside if buying momentum continues.
Despite the improving short-term picture, LINK still faces a crucial long-term hurdle. The 200-day EMA, located near $9.75, remains the key resistance level that must be reclaimed to confirm a broader bullish reversal. A successful breakout above this moving average would invalidate much of the bearish trend that has weighed on Chainlink throughout the year.
On the downside, immediate support is found near the 26-day EMA at $8.49, followed by the 50-day EMA around $8.00. As long as LINK holds above these levels, the current recovery structure remains intact. While recent price action points to strengthening momentum, reclaiming the 200-day EMA remains the critical milestone before a sustained bullish trend can be confirmed.