Briefly –
- Chainlink has seen its price hovering over the support at $23.71, suggesting a possible rally.
- Bouncing off this demand obstacle may see the altcoin climbing to $26.47, an 11% uptick.
- Meanwhile, breaching the $22.06 foothold will cancel the bullish outlook.
For now, Chainlink hovers over a critical support zone, suggesting a minor surge before the altcoin decided the next move. Bulls will have to join the market to hold LINK and take it towards higher price levels.
Chainlink Break or Make Point
Chainlink has witnessed its price breaching support areas since the token traded at a local high near $30.59 on 16 August. With the previous price actions, LINK lost nearly 21% to its current level of $24.15. For now, the overall market movements will be crucial to predicting the coin’s upcoming trends.
As the leading cryptocurrency remains unstable, Chainlink might move low or experience a slight uptick before setting its actual price direction. That’s what translates to the asset being at the break or make level.
For now, LINK heads towards the critical support zone near $23.71. Moreover, the asset has a high probability of creating a triple bottom. With that, investors might presume that the buying pressure will surge. Chainlink might see an 11% upswing. To achieve the predicted swing high, LINK bulls to conquer the 50% FIB retracement around $25.18 and test the $26.47 resistance area.
If the coming sessions see Bitcoin and the alternative assets turning bullish, crypto enthusiasts might expect an extended uptrend towards the obstacle at $30.72. Such actions incorporate a probably 30% surge from the support at $23.71.
Although the bullish thesis appears likely, LINK has to keep away the demand barrier at $23.71 to sustain a continuous downtrend. Meanwhile, the $22.06 foothold will attempt to absorb buying actions, triggering price upswings.
Meanwhile, if bulls fail to rescue and Chainlink prints a decisive daily candle close beneath $22.06, it will cancel the bullish narrative by creating a lower low. Increased selling pressure may see LINK tagging the support at $20.06.
LINK has the required momentum to surge higher. If market sentiments support the alt, it will climb towards the target price levels.
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