Chainlink (LINK) Price News: Bounces 5.2% Breaking Through Multiple Resistances

Chainlink's native token, LINK, experienced a significant rebound, advancing 5.2% to reach a session high of $16.66, supported by a notable surge in trading volume. The rally validated the breakout above the crucial $16.00 level, as volume peaked at 1.82 million tokens—69% higher than the daily average. However, profit-taking among traders soon set in, causing the price to retreat below $16.50, introducing short-term uncertainty. Technical analysis suggests that while recent higher lows indicate a potential uptrend, the inability to maintain levels above $16.50 has capped further bullish efforts. The upcoming Rewards Season 1 program on November 11 aims to incentivize LINK stakers, which adds to the market dynamics surrounding LINK. Critical technical levels show that $16.47 is primary support, while $16.50 remains immediate resistance. Traders will be closely monitoring these levels for future movements.

Source 🔗