Currently, Chainlink is trying to confirm $10.00 as a support level. Moreover, it encounters intense selling pressure that ruin its near-term outlook.
If this level would be confirmed, it would be incredibly bullish despite the present weakness it is facing. It is because it would commemorate a mid-term support-resistance flip that would be the beginning of the next leg of its recovery.
On the other hand, it would not be good if it would shatter below this level. The cryptocurrency could drop towards its recent $7.50 lows that were fixed just a few days ago.
One analyst spoke about Chainlink’s present market structure. He said that Bitcoin appears to be in a position to see some strong upside although it is not “super bullish” at the current moment.
He emphasized the support-resistance flip, saying that LINK’s price would boost towards $12.00 if $10.00 would be confirmed as support. It would then mark a 20 percent from where it is currently trading at.
Chainlink Gearing Up for a Major Push Higher as Bulls Defend $10.00
As of the moment, Chainlink is trading down just under 2 percent with the current price of $10.15. Bears are attempting to force it lower, however, buyers made sure to put up a strong defense of this price level.
LINK was previously flashing signs of being stable within the upper-$10.00 region. Thus, this dip came about rather unexpectedly today.
This weakness was partly caused by the instability within the aggregated crypto market. Moreover, it may see further downside in the near-term because of this.
Yesterday afternoon, ETH, BTC, and most other major digital assets all tried to test their near-term support levels. They have seen declining upwards momentum ever since.
In the coming days and weeks, this could put some pressure on Chainlink.
Here’s the Key Level LINK Must Continue Defending
One analyst shared his perspective on Chainlink’s present market structure. He said that LINK bulls should confirm $10.00 as a support level. It could see further upside in the coming days and weeks if it would be able to do so.
How the aggregated market trends in the near-term would most likely decide whether or not $10.00 continues to be defended by Chainlink bulls.