Chainlink pushed to the $12.00 level after being one of the most volatile altcoins over the past few days and weeks with the buyers and sellers trying to control the near-term. In our chainlink crypto news today, we are reading more about the price analysis.
The push to the new level resulted in the cryptocurrency seeing some large price movements with a bout of the capitulation leading the price to the lows of $7.50 earlier this week before the bulls stepped up and sent the coin to $11.20. The intensity of the rebound did well for the bulls because it shows that they still have a lot of strength that could allow them to continue guiding the price action in the upcoming days.
Some of the near-term trends could depend on Bitcoin as the number cryptocurrency was guiding the direction of most of the altcoins as well as Chainlink’s trend. One analyst noted that a move towards $12.00 could be imminent in the near term and he believes that it will come about if the bulls can continue holding above $10.00 in the upcoming days. At the time of writing, Chainlink is trading at over 4% at a current price of $10.33. It is up significantly from where it was a few days ago but the cryptocurrency has dropped from the daily highs of more than $11.00.
Chainlink pushed to a new level and found stability around the highs but it is now in jeopardy as the price goes back to the $10.00 level. Earlier today, the bulls posted a strong defense of the $10.00 region which helped the cryptocurrency reach a slight bounce. If this level continues as a support, it will help the cryptocurrency reach further upsides. A break below this level could spark a sharp decline that could pose a risk to the technical strength.
While speaking about the trend expectations for the near-term, one analyst observed that the state of the current uptrend is hinged to the $10.00 defense level. He added that a continued defense of this level will help the coin reach significant upside in the days ahead:
“Adding to Chainlink one dollar level at a time. After securing $10, will be watching for this break of $11 level. From there – the marines will unit together and storm towards the $12 level.”
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