LINK gets close to making a massive push higher after it saw a mixed price action over the recent weeks with the price getting as low as $10.00 and facing a rejection of $12.00 as we are reading in the chainlink crypto news.
The price action has mainly favored sellers as an inability for them to make a sustained push off the support at $10.00 which seems to point to some weakness in the buyers. It could also suggest that the recent downtrend did huge damage to the mid-term market structure. With all that being said, the strong base of the support is being established over the recent price action which could act as a springboard which will help to boost LINK higher.
One analyst believes that LINK gets close to making a massive push higher and is setting his sight on a move towards $13.50 in the near-term explaining that the technical outlook is starting to grow bigger as the downtrend stabilizes. At the time of writing, Chainlink is trading at a price of $10.78 which is around the same level where it was trading over the past few days. buyers have been defending against the strong dip below the lower $10.00 region which is usually known as a strong support level for the cryptocurrency.
The sustained dip below this level could push Chainlink into another downtrend and will lead to even more downsides in the upcoming days and weeks. Where will chainlink trend in the near-term be dependent on ETH and Bitcoin as they are all caught in a sideways trading momentum. If Bitcoin and other cryptocurrencies drop, it could create a tailwind for Chainlink below the level of $10.00. one analyst even said that he believes this cryptocurrency could be poised to see a notable short-term rally.
He pointed to the price region of $13.00 and $13.50 as an area to watch out for, noting that the support at $10.00 is rather significant:
“The higher timeframe levels are quite clear on LINK. Lower timeframe potential entry zones are approaching with the potential of bouncing towards $12. Breaking $12 and $13-13.50 is on the horizon.”
If the market goes on within the stagnating trend, the support below the current price of chainlink will start to erode and will lead to a sharp downside in the near-term.
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