The LINK bulls target $19.00 as a new level but they can only get it if they hold one crucial level above the $17.00 region following the latest price surge as we can see in the Chainlink coin news.
Chainlink was flashing signs of strength over the past few days and weeks with the asset securing a relatively strong sentiment above the $17.00 region after the largest price surge. It established the upper $17.00 level as resistance as the rally up to this area earlier was followed with a strong rejection that sent the asset dropping to lows of $16.50. The bulls are defending against the drop below the $17.00 region as the confirmation of the level as support which could provide the asset with enough momentum to rally higher in the upcoming few days.
While looking at the importance of the level, one analyst explained that as long as the bulls are protecting the dip below the level in the upcoming few hours, LINK could be in a good position to rally to $19.00. The same analyst noted that a dip below the level could lead it to slide down to the $15.00 region in the near term. The LINK bulls target a new price level as the asset traded over 4% with a current price of $17.10. this is around the same level the asset was trading for the past few days as the buyers were attempting to flip it into support.
In the short-term, whether this level can be flipped into support will be the sole factor that determines where the trend will continue in the upcoming weeks ahead. The failure of the coin to continue trading above this level will lead it lower in the near term. It’s important to note that chainlink is still trading well above the level where the asset was three days ago when it was trading at $14.00.
Speaking about the importance of the $17.00 level, one trader explained that LINK’s reaction to this level could have major implications for where it will trend next. He noted that defending this level could catalyze a huge movement to $19.00 while a decline below it, could lead the cryptocurrency to $15.00:
“This one doesn’t care and tries to break further up. As long as $17 holds, I think we’ll be able to reach $19. Losing $17 and I’ll aim $15.”
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