Chainlink Price Rallies Over 7% as LINK Crypto Targets $11

Chainlink has rallied over 7% after a 24-hour jump, trading close to $9.48. The token advanced 7.3% over the period and had a daily range of $8.76 to $9.72.

The trading volume amounted to approximately $503.74 million, and market capitalization was valued at approximately $7.10 billion. There are now three charts displaying various aspects of the current LINK setup, from an uptrend to a possible bearish continuation pattern.

Chainlink Price Chart Shows Uptrend Toward $11

Michael van de Poppe’s chart illustrates that LINK has been forming an ascending pattern following months of sluggish price moves. The chart shows a sequence of higher bottoms as the token keeps climbing from its recent bear market bottom.

The recent transaction brings LINK closer to the top of the recent trading range. Van de Poppe has identified a few horizontal price levels above the current price, such as around $10.87 and $11.40.

His accompanying post states that LINK is breaking into an uptrend and may continue higher towards $11. The chart also highlights the comparison between LINK and Bitcoin and displays that LINK has been creating higher highs and higher lows with the trading pair.

The structure shown reflects a previous phase of decay. LINK was once trading much higher but has gone into a bear market.