A new move higher for Chainlink is in the books as the bullish signs are emerging while the macro uncertainty on the markets had a down effect for most assets. In our chainlink crypto news, we are reading more about the price analysis.
While looking at the LINK price action over the past few days, the cryptocurrency was caught within a trading range of $11.20 and $13.20 with the two levels being visited and respected on a few other occasions over the past few days. One analyst noted that where the entire market trends in the near-term will shift to, depends on Bitcoin’s reaction to the range boundaries at $10,000 and $10,500.
The new move higher for chainlink could be influenced by this and it can smash above the $13.20 resistance or below the $11.20 level. One analyst noted that he believes he will see LINK going into the near-term upside soon. He is looking to the consistent impulses and corrections which it formed noting that they are usually followed by a strong upside movement. Chainlink is trading down by 1% with a price of $12.50 and this is the same level at which it was trading over the past few days.
The daily price action was strikingly similar to the one done by Bitcoin and Etehreum but it’s also important to note that its rebound from the morning lows of $12.00 was much more intense than the rebounds seen by BTC and ETH. Where it will go next in the upcoming few days will depend on where the entire market is headed. LINK was caught within a consolidation phase over the past few weeks and had a momentum that took a hut after the rejection posted at $20.00 a few weeks ago.
While speaking about the near-term outlook, one analyst explained that he is looking for an upside movement. He pointed out to the specific consolidation pattern seen by LINK which is similar to this that is followed by a continuation of the uptrend:
“LINK is very clean with regard to how impulses and corrections are painted. It has remained pretty consistent thus far, I don’t expect much to change. Looks like it is just setting up for another move up.”
How will Ethereum and Bitcoin resolve their current sideways trading momentum should offer huge guidance for the smaller altcoins such as Chainlink.
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