Chainlink Price Analysis: LINK Holds Near $9.21 as Momentum Improves

Chainlink traded around $9.19 on TradingView after recovering from an intraday pullback that saw LINK test the lower levels of the $9.00 range.

BIGGEST DC posted on X that LINK had already made over 45% of the profit of his previous arrangement and said the trade was still contemplating a full take-profit move. Meanwhile, data from BraveNewCoin indicated that LINK is trading at $9.10 and is down 0.20% in the last 24 hours, with a market cap of $6.61 billion.

LINK Rebounds Toward $9.20

Notably, at the time of writing, TradingView data indicated that LINK/USDT was trading at $9.19. The price dropped out of the upper range of the previous session, then stabilized near the price of $9.08 before the buyers pushed the token higher during the late morning session.

Even so, the rebound brought LINK back to the area around $9.20, which was a short-term resistance area on the chart. A rise above the same would put the 24-hour high of $9.22 back in the spotlight of short-term traders.

Nonetheless, LINK was still trading within a tight range of daily fluctuations. BraveNewCoin information pegged the 24-hour low at $9.07 and the high at $9.22, indicating that the token had not yet breached its immediate price band.

The volume read of market data was $178.67 million. Moreover, the supply available was quoted at 727.10 million LINK, whereas the token itself was 82.74% lower than its all-time high of $52.70 on May 10, 2021.

Analyst Chart Points to Trade Set-Up

On X, BIGGEST DC said that LINK was delivering over 45% gains and asked whether the followers were continuing to ride the move. The attached TradingView chart indicates that Chainlink was trading at around $9.12 with significant downside targets of around $8.60.

The X chart presented two previous short formations, and red risk boxes were above the entry zones while green target boxes were beneath them. The most recent formation positioned LINK around the price of $9.12, and the price moved sideways after falling in the $9.40 area.

In the meantime, the chart indicated resistance in the range of $9.34-$9.42 and a higher level of $9.62. Such areas will also be applicable should LINK rebound and re-enter the upper portion of the new range.

The lower target of about $8.60 is, however, visible on the set displayed. That level would then come back into focus should LINK fail to hold the support area of $9.07 and the sellers take control back below the current consolidation.

MACD Displays Momentum in the Short Term

On one hand, the MACD indicator of technicals became positive in the recovery. Both the MACD line and signal line were floating in the 0.01 range, and the histogram was moving around the zero line, with improving short-term momentum, after previous weakness.

According to TradingView data, price action also exhibited a greater push by the $9.08 zone into the $9.19 zone. That action came after a smooth progression of higher intraday candles, as buyers intervened when LINK traded above the lower band of the day.

Nonetheless, confirmation remains pending follow-through that exceeds $9.20 to $9.22. Clearing above that zone might open the way to the resistance zones of $9.34 and $9.42 noted on the X chart.

On the other hand, this means that the token may stagnate in the range between $9.07 and $9.22, provided LINK stalls around $9.20. Losing by 9.07 cents would dilute the recovery and refocus on the lower levels of $9.00 and ultimately the even lower level of $8.60 depicted in the setup of the trader.