LINK Replicates Its Previous Bullish Cycle But It Could Drop Lower

LINK replicates its previous bullish cycle as it witnessed a mixed price action in recent weeks. The crypto trend was dependent on Bitcoin so we are about to see what that means for the LINK price in our chainlink crypto news.

The general trend of the cryptocurrency was dependent on Bitcoin as the asset was guiding the entire market over the past few days and weeks. This has exposed most of the altcoins to bearish momentum as BTC was flirting with a major breakdown resistance trading around $10,000. This level was defended on a few occasions over the past few days as with each dip below it resulted in a strong rebound.

LINK replicates its bullish cycle from before as it saw some turbulence. But analysts are now noting that it could be positioned to see some notable upside in the near term. One analyst even pointed out to the strong support that it has at $11 and $10 which could be considered a reason for a strong move up to $15 that will be imminent in the near-term. The cryptocurrency is showing signs of repetitive price action that it saw during the mid-point of the latest parabolic rally and the bullish cycle. Chainlink is now down by less than 5% at a current price of $11.87. This is around the price at which the cryptocurrency was trading over the past few days.
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It’s important to note that this marks a huge rebound from the recent lows of f$9 levels which were set a few days ago. One analyst even noted that the cryptocurrency is now trading down a lot from the recent high of $20 but that there is a strong possibility however that it will see a continuation of the uptrend. He noted that there are striking similarities to the dip that was seen during the previous bull cycle:

 “LINK is just repeating its previous bullish cycle.”

Another analyst explained that there are two key support levels at $10 and $11 which will serve as a springboard for Chainlink for its way to the upside as long as they continue being defended:

 “Two areas of interest for scalps; – $11 zone for a potential S/R flip towards $15. – $10 zone again for a similar move towards $15. Overall, everything moves correlated.”