Chainlink cryptocurrency can be expected to rise further to the next resistance level 12.500 (top impulse wave C from the middle of August).
- Chainlink reversed from pivotal support level 10.80
- Likely to rise to resistance level 12.500
Chainlink cryptocurrency recently reversed from the combined support zone between the pivotal support level 10.80 (former multi-month resistance high which stopped earlier correction 4 in May, as can be seen from the daily Chainlink chart below), 20-day moving average and the 38.2% Fibonacci correction of the sharp upward impulse wave C from May. The upward reversal from this support zone stopped the previous minor correction from the middle of August.
Given the strongly bullish sentiment that can be seen across the cryptocurrency markets today, Chainlink cryptocurrency can be expected to rise further to the next resistance level 12.500 (top impulse wave C from the middle of August).