As you probably know if you have been reading our Chainlink news this year, LINK is one of the tokens that has been leading the headlines this year after scoring some major partnerships which have helped it solidify the utility of its native token, LINK. It appears that Chainlink is back now and is rising by 3% on the day as it tries to secure more gains and top up its performance this month.
For those of you who don’t know, the decentralized oracle token rose by around 200% between the first three months this year to hit a new all-time high of $5. However, as COVID-19 began causing havoc in the global financial markets, LINK took a massive dive and went back to $1.5.
Now, we can see that Chainlink is back and LINK’s price is above $3.80 again, promising on many new gains and recovering from all the losses incurred during March’s Black Thursday. A prominent analyst now believes that LINK could be preparing to retest the all-time highs that it noticed recently.
We are talking about Michael van de Poppe, who is a full-time trader based in Amsterdam. As he believes, Chainlink is back and now sitting at a pivotal point in its trend which would likely determine where the coin is headed next. The decentralized oracle token is now trading within a narrow range that is defined by the $3.70 support levels and the $4 resistance levels.
Closed above $3.40-3.45 on the higher timeframes (despite the volatile moves around the halving).
Breaking above $3.70-3.75 and I expect continuation towards $4-4.10 and possibly $4.60-4.80.
However, must hold $3.40-3.45 as support. pic.twitter.com/1hPuyMCrj5
— Crypto Michaël (@CryptoMichNL) May 12, 2020
As you can see in the cryptocurrency news now, Chainlink is back and the token is among the best performing coins on the day. This gives plenty of hope to new investors and shows that an increase in the buying pressure behind the coin may be followed by a move towards $4.20 and $4.50, respectively.
However, if the demand keeps on rising, van de Poppe believes that the altcoin could test the next resistance barrier and even reach $5 in the medium term. The renowned analyst affirmed that a downward impulse below the $3.40 support level could put in jeopardy the current bullish outlook. So, under such circumstances, the sell orders behind LINK may pile up and push its price down to the next demand wall at $2.90.
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