The Link on-chain strength could help push the asset back to the $20.00 level as it was still flashing signs of immense strength over the recent period while the bulls were dragging the decline as reported in the Chain link news previously.
This helped the asset to find some stability in the upper $16.00 region with the buyers now trying to lay the groundwork for it to see another near-term upside. It does seem that this is a good opportunity to increase again as the analysts noted that Chainlink will soon surge up to the all-time high of $20.00. The overt technical strength came as the LINK on-chain strength came as well. One research firm noted that the unique address count is remaining strong compared to the one seen by its peers. This could support the notion that it is well-positioned to see further upside in the upcoming days and weeks ahead.
Chainlink is trading up over 4% at a current price of $16.60 which is around the price at which it was trading over the past week with the recent rebound coming as the buyers absorbed the huge selling pressure that sent it reeling from $20.00 to the lows of $16.00. From the technical perspective, this elucidates that the bulls are in the upper hand over the bears and that the market structure is still in the buyers’ control. The analysts are expecting Chainlink to see an imminent upside soon.
One trader pointed out there’s a strong base of support that was built between $16.00 and $16.50 as one factor that will help boost the price higher in the upcoming days. As can be seen on the charts, the upside target is sitting below $19.00 which is less than 5% below LINK’s all-time high. Analytics platform Santiment noted a tweet recently compared to its peers that Chainlink’s unique active address count remained strong over the past week:
“LINK has held up well against altcoins this past day since its -16% Monday dump. A major reason is the fact that its unique addresses circulating transfers on the network has remained high compared to other alts.”
As Chainlink is being boosted by the confluence of technical and fundamental strength, there’s a strong chance that another upside will be imminent in the near-term.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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