LINK rallies higher as the bulls defended the key trendline with the coin looking into some mixed price action over the past few days as sellers struggled to gain control of the mid-term trend with the price hovering in the mid $12.00 region as we are reading more in today’s chainlink price news.
This level was long seen as a consolidation channel for the cryptocurrency with the resistance sitting at $13.00 proving to be a bit much for the token to handle.
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The coin tried to break above the level a few days ago but was met with a strong resistance that caused the price to drop. One trader noted that a move towards the lower $12.00 region could occur in the near-term with the lower boundary of the cloud formation sitting on this level already, as link rallies higher now.
Furthermore, it is around the same level where the descending triangle is set which was just broken above the LINK push higher. If Chainlink continues holding above this level, the cryptocurrency will be in a good position to see more near-term upsides. For this to take place, the bulls will have to be in control of BTC and the rest of the crypto market with a dip seen across BTC and ETH will likely lead major altcoins like LINK lower as well.
The entire crypto market is caught in a consolidation phase with BTC trading above $19,000 as ETH hovers below $600. This caused Chainlink to see a wave of sideways trading as it is now trading down a few percent below the price of $12.50. Where will LINK trend next in the mid-term will depend on whether or not to break above $13.00 soon. A break above this level will spark a buying frenzy which will send it rocketing higher.
One trader explained in a tweet that LINK is in a good position to rocket higher as long as the bulls continue defending against the break below a trendline. He noted that the continued bout of trading above the recently surmounted trendline that could show a serious upside is imminent in the mid-term.
“The marines are in for a treat as long as the price remains above resistance. (Invalidation below it).”
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