Chainlink Price Volatility Continues as Breakout Levels Are Tested

Chainlink's price has been on an upward trajectory after Charles Schwab announced its support for the token. The LINK token rallied from $8.30 to nearly $12.50 last week, but has since pulled back to around $11.09.

The 20-day EMA at $10.79 marks the first support level to watch, and holding this level is crucial for Chainlink's price to remain within its current range of $11 to $12.

A close above $12.50 could potentially take LINK toward $13, but losing $10.79 would increase the risk of a pullback toward the Supertrend support at $9.87.

Long traders have been absorbing most of the losses over the past 24 hours, with $394,690 of the $427,250 liquidated being long positions.