Chainlink taps key mid-term trendline level as it saw a mixed price action in recent weeks. The market structure remains bullish in the mid-term and macro time frame as it was expressing major short-term bearishness which didn’t go unnoticed so let’s check on the chainlink news analysis today.
A lot of analysts noted that the altcoin could soon see a huge near-term decline which causes it so shed most of its value but the bulls were able to defend against the major downside pressure. In the time since the capitulation to $12 last week, Chainlink taps key mid-term trendline after it was caught with the bout of sideways trading which made it unclear as to which direction the price could go in the near term.
One analyst noted that Chainlink is now testing the multi-month trendline which was guiding the price higher. The defense of this trendline could provide a serious-near term momentum which led the analysts to watch for a move to $18. At the time of writing, Chainlink is trading up under 1% with a price of $15.25. This is around the same level where the price was trading for the past few days with bulls and bears reaching an impasse with consolidation between $14.60 and $16.00. The consolidation phase started when the bulls absorbed the decline which sent the asset reeling down to new lows of $12 on the trading platforms.
The defense of the support line is usually a positive sign but analysts noted that it was not sitting on top of the key trendline which was guiding the uptrend over the past few weeks. At the time of writing, LINK is trading up under 1% with a current price of $15.25. Another analyst explained that he is also expecting Chainlink to see a movement towards $18.00 in the near-term meaning that a close above $16.00 today will be all that is needed to spark the movement:
“LINK: After a dip down sub $13, LINK has now bounced back. Rejecting off $16 the first time, but a retest and close above this level will lead to a test of $16.50s followed by a grind up over $17s…”
Bitcoin is also showing some signs of strength today which could be a major factor that helps send the cryptocurrency higher.
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