Chainlink breaks above $8.90 after Standard Chartered report

Chainlink has been outperforming many other coins in recent days and has broken through the horizontal resistance level of $8.90. The team behind DoopieCash points to the recent Standard Chartered report as a possible catalyst. At the time of writing, LINK is trading around $9.38.

Chainlink is available at OKX and Bybit.

In brief:

• Chainlink breaks above the $8.90 resistance level
• The price is performing stronger than the broader market after the Standard Chartered report
• Bulls must hold $8.90 to extend the upward movement

Breakout above $8.90 after Standard Chartered report

Chainlink breaks above the horizontal level of $8.90, a zone that previously served as resistance several times. The breakout coincides with a broader rally among coins mentioned in the Standard Chartered report.

According to DoopieCash, it is not certain whether that report is the direct cause, but the team notes that such reports can eventually become a self-fulfilling prophecy as more investors pile in.

$8.90 now becomes crucial support level

Now that Chainlink is trading above $8.90, that same level becomes the crucial support level for further gains. According to the analysis, bulls must hold this level to keep the upward movement going.

On the daily chart, a significant volume spike is also visible around the recent breakout, which provides some confirmation for the move. Whether the price can remain above $8.90 will be the deciding factor in the coming days.