The recent activity in the cryptocurrency market also showed itself in the price of Chainlink (LINK). Especially after the strong rise in Bitcoin, it stands out that Chainlink has tested an important resistance point. According to BraveNewCoin data, LINK fell by 0.91 percent in the last 24 hours and traded at $10.32. However, all eyes are on whether the price can gain new upward momentum by surpassing the $10.50 level.
Strengthening in LINK/BTC parity draws attention
According to new charts prepared by analysts, the LINK/BTC pair has gained significant strength in recent weeks. The shared weekly candlestick chart shows that LINK broke out of its long-term decline and formed higher lows in the base area. In particular, the rise of the LINK/BTC parity above the 21-week moving average increased expectations that the downward trend could end.
Investors stated that the recent 40 percent increase in Bitcoin strengthened confidence in the crypto market. It is noted that this situation directs investors to alternative cryptocurrencies in search of higher earning potential.
It was emphasized that after LINK/BTC exceeded the 21-week moving average, the squeeze that has been going on for several months may end and a possible return zone has been formed.
Analyst charts stated that the falling trend line must be broken for the trend to be completely reversed. However, it was stated that the weekly candle added extra activity to this formation.
The $10.50 level is critical resistance
Looking at Chainlink’s price movement, experts state that the $ 10.50 level stands out as an important resistance. In the chart shared by Kamran Asghar, it is seen that the price has risen to the upper band of the ascending channel after months of accumulation.
The token, which tested around $10.37 in recent days, recorded a steady rise throughout May and tried to reach the top of the channel. If it persists above this level, it is predicted that the pressure from buyers will increase and the short-term market dynamics may change.
If rejected at this point, the ascending channel structure will continue to be maintained and followers will observe whether buyers can hold the lower areas.
However, if it remains below $10.50, LINK’s current ascending channel structure seems to be maintained intact.
Horizontal movement continues in the difficult range
Price data shows Chainlink stuck in a range between $10.30 and $10.59 in 24 hours. The current market value is recorded as 7.51 billion dollars and the transaction volume is 304.9 million dollars. While the token supply was 727.1 million units, it was reported that it ranked 23rd in the current ranking.
In Crypto Patel’s near-term analysis, it was stated that LINK has been accumulating between $6 and $9 for a long time, and pointed to $50 and $100 as long-term targets. However, Chainlink is still down 80.41 percent from its all-time high of $52.70 on May 10, 2021.
If the price can rise above $10.50 in the short term, the recovery process may accelerate; Otherwise, it was evaluated that the price could continue to move in its current channel.
CryptoAppsy According to data, Chainlink is currently bought and sold at $ 10.32. Breaking the resistance zone in the short term may initiate a new momentum in the market.
