Lately, LINK’s price action has been on par with ETH’s. however, it is starting to gain some independent momentum and break free of this correlation. It should shatter one key resistance level or it would face a $7.50 plunge.
This happens as the wider crypto market keeps its climb, with altcoin soaring as BTC hovers around $18,000.
Whether or not it can shatter beyond $13.80 in the near-term and change this into support will largely affect where it trends in the near-term.
One trader is saying that in order to flip bullish on the crypto, it must break above this level. He further said he would expect further downside if there will be a that a sustained bout of trading below this level.
Needless to say, it will require a downturn across the entire market for this to come about. Considering how strong Bitcoin is at the present moment, this may not be a real possibility.
Chainlink Shows Signs of Strength as Bulls Target Key Resistance
As of the moment, Chainlink is trading up just under 1 percent with the current price of $13.70. Throughout the past day or so, it has been trading around this price. The resistance at $13.80 proves to be somewhat significant.
For LINK to witness any significant momentum in the near-term, shattering beyond this level and eventually keeping above for a stretched period of time is really important.
Analyst: LINK Could Risk Seeing a 50% Decline if Bulls Fail to Step Up
According to one analyst, if bulls are unable to break above $13.80, Chainlink could be in danger of seeing a major downside.
If the aggregated market goes lower, he is particularly keeping an eye for a move down towards $7.50.
There is a low possibility of Chainlink and other major altcoins seeing any intense near-term selloff unless BTC or ETH plunge lower.