LINK is able to rocket higher if it manages to break above the key level as it was underperforming Bitcoin with the aggregated crypto market lately with its price action mirroring the rest of the altcoin market so let’s read more in today’s chainlink news today.
While BTC captures the investors’ attention with the huge uptrend, most of the altcoins like ETH and LINK were underperforming and faced many inflows of selling pressure as the traders chased the uptrend. During the parabolic BTC bull market, it is now common for the BTC uptrends to occur mainly in isolation as other altcoins rallied while it found some stability. This could mean that the next market-wide movement will happen among all of Bitcoin’s smaller peers such as Chainlink.
One trader is now watching for a break above the $14.50 level before he is able to flip bullish on LINK noting that this is where the daily confluence happens. He noted that until this level is broken above, it is too early to say with certainty whether or not it will be able to see stronger near-term momentum.
Where will it trend in the mid-term depends on Ethereum as well since it became the benchmark for the entire altcoin market. until it is able to break above the local highs in the upper -$600 region, there’s a strong chance of consolidation that will be imminent. At the time of writing, Chainlink is trading sideways with a current price of $13.44 which is around the same price level where it was trading over the past few days. Although it is up quite a bit from its recent sub -$11 lows that were set earlier this week, LINK is still underperforming BTC and even faces strong rejections in the mid -$14 region. Where will it trend in the mid-term could depend on the reaction to this key level.
LINK is able to rocket higher according to one analyst who said that the $14.50 is a key level that has to be broken for further upsides. He noted that he will gain some long exposure to the cryptocurrency if this level is broken in the near-term:
“If LINK can reclaim some ground between the weekly and daily confluence level around 14.5 I will definitely look to get some long exposure.”
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