LINK Enters Key Liquidity Region, Building A Case For Upside

LINK enters a key liquidity region while the entire crypto market saw some turbulence over the past 24-hours with Bitcoin dropping to lows of $10,400 creating a headwind for the market. Despite the macro strength, Chainlink was not able to avoid the losses that came as a result of the BTC movement so let’s read more in today’s Chainlink crypto news.

The analyst is seeing now that chainlink is trading at a crucial near-term level which could have major implications for the outlook. One trader even looked at the price region between $12 and $13.50 with massive liquidity which could slow the descent and allow it to climb higher. The analyst also targeted a short-term move to the $16.00 region saying that there’s some resistance that could slow the ascent and cause it to see even bigger range-bound trading.

At the time of writing, Chainlink was trading down over 10% at a current price of $13.30 which is around the price at which it was trading over the past few hours with buyers struggling to spark a strong movement on the upside. It is important to note that Chainlink’s native token has been descending slowly over the past week and plunged to its highs of $18.00 to new lows of $12.90 that were hit for a short moment. He is targeting a short-term move to the $16.00 with a resistance that will slow its ascent and will cause it to see further range-bound trading.

Chainlink is trading down by 10% with a current price of $13.30 and this is a price at which it was trading over the past few hours with the buyers having a hard time sparking strong movements to the upside. As LINK enters key liquidity, the asset was slowly descending over the past week, dropping from highs of $18.00 to lows of $12.90 that were hit for a while. While speaking about the near-term outlook, one trader explained that the liquidity below chainlink’s current price can be enough to stop if from seeing losses in the near-term. He even noted:

 “Chainlink: Back in the range lows here as we tap liquidity below the support levels. Bad? No. Would be expected to see a range-bound bounce towards $15.50-16.00.”

Bitcoin and Ethereum are now leading the crypto market with ETH struggling to hold above $400 and BTC being stuck below $11,000. Whether or not these assts can stabilize, it will mean a lot for the short-term price action for Chainlink.