The mixed signs for chainlink, forming in the recent weeks could mean that the asset could rally as high as $18 again before dropping to lows of $15.00 as we are reading further in our Chainlink coin news.
The bulls are trying to stabilize the price in the upper $15.00 region with chances of it seeing more downside growing as it failed to post sustained recovery from the dip yesterday. The buyers did push it higher than $16.50 earlier this morning but LINK met some resistance that caused the price to drop back to the current price levels. One trader is pointing to a few new mixed signs and factors that seem to indicate another upside is imminent referencing to the macro strength while still looking to its multi-week price action.
Another analyst agrees with this notion explaining that he is bullish on LINK as long as the price trades above its high support of $14.10. At the time of writing, Chainlink is trading up by over 1% of its current price at $15.90 which marks a decent upswing from the daily lows of $15.00 that were set earlier this morning when the bears tried to gain more control over the mid-term trend. The rebound from these lows was important as it allowed the cryptocurrency to rally to $16.50 before it lost momentum and dropped to lows of $15.70. It was consolidating since. The analysts are noting that the cryptocurrency’s mid-term outlook remains bright despite the turbulence as one trader noted:
“LINK 4h update: beautiful breakout + retest of R1 followed by a decent pump. I am expecting a continuation soon once we break R2.”
Some other factors also show that the upside movement is imminent for chainlink including his ability to maintain the key near-term support of $14.00. One analyst spoke about these factors and said they are all valid despite the morning dip and rebound:
“From our initial entry price is already in Valhalla, but will be adding some here for a scalp – why? – Above major resistance, now support – Giving signs of bouncing off the cloud – Downwards resistance, peaking through on shorter timeframes.”
Where Chainlink trends in the near-term could offer some important insight into the strength of the macro market structure.
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