• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Chainlink
Nexo Logo

Here’s How High Chainlink Could Rally if Bulls Defend Key Support

Cole Petersen by Cole Petersen
2 years ago
in LINK
Reading Time: 2 mins read
Advertisement

Chainlink’s price has been caught within a tight and prolonged consolidation phase throughout the past few days and weeks, with buyers and sellers being unable to gain any clear control over its mid-term outlook.

Its price action has been moving in lockstep with that of Bitcoin, signaling that it may be losing the independence that it has seen throughout the past few months.

It is important to note that LINK appears to be caught within an accumulation phase at the moment, as each dip is being aggressively absorbed, despite the lack of enough buying pressure to push it past its $11.00 resistance.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

This trend bodes well for the cryptocurrency’s near-term outlook, as the price region just below where it is currently trading at may provide a strong base for it to grow upon.

One analyst is noting that he is setting his sights on a move towards $14.00 in the mid-term. He also adds that this may be an ideal region to short, as the resistance here is quite significant and will likely slow its ascent.

Chainlink Tracks Bitcoin’s Price Action; Enters Accumulation Range 

At the time of writing, Chainlink is trading down just over 2% at its current price of $10.70. This is around where it has been trading throughout the past several days, with buyers and sellers largely reaching an impasse.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Where it trends next may depend somewhat on Bitcoin, as the benchmark crypto has been firmly guiding major altcoins like LINK in recent weeks.

If this correlation continues holding strong, then Chainlink could be heavily exposed to any potential turbulence within the global markets.

That being said, the support it has established in the sub-$10.00 region is significant and may continue bolstering its price action.

Here’s Why LINK May Rally Towards $14.00 Next

There is a possibility that this ongoing accumulation phase will be followed by a strong uptrend.

One analyst explained that the $9.00 region will likely continue holding as a bedrock support level, potentially helping to spark an uptrend towards $14.00 if visited.

“The same idea stands on LINK. If we drop down, I’d be looking around $9 for longs on this one. Targets of shorts around $12-12.50 and $13.75-14.25,” he said.

Chainlink LINK

Image Courtesy of Crypto Michaël. Source: LINKUSD on TradingView.

Because Chainlink is now closely tied to the rest of the market, watching Bitcoin’s short-term trend shape up should provide some serious insight into where LINK will trend next.

Featured image from Unsplash.
Charts from TradingView.
Tags: LINKBTCLINKUSDlinkusdt
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

Chainlink (LINK)

Charted: Chainlink (LINK) Steadies above $24, Fresh Increase To $27 Likely

1 year ago
Chainlink (LINK)

Charted: Chainlink (LINK) Correcting Gains, Why Dips Remain Attractive

1 year ago
Bitcoin

Massive Bearish Divergence Hints At First Major Chainlink Corrective Phase

1 year ago
Charted: Chainlink (LINK) Holding Uptrend Support, Why It Could Rally Again

Charted: Chainlink (LINK) Holding Uptrend Support, Why It Could Rally Again

1 year ago
Chainlink (LINK)

Charted: Chainlink (LINK) Remains In Strong Uptrend, Why It Could Test $25

1 year ago
Bitcoin

Charted: Chainlink (LINK) Revisits $18, Why It Could Soon Break $20

1 year ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Wildcoins Casino

Wildcoins Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Introducing Zenith.Finance, a dark-horse lending protocol crypto players should notice recently

May 27, 2022

An introduction to Capricorn.Finance

May 27, 2022

The Web3 community platform Mojor launched the alpha version

May 27, 2022

LBank Exchange Will List Value Interlocking Exchange Coin (VIC) on May 30, 2022

May 27, 2022

LBank Exchange Will List TEAK COIN (TEAK) on May 30, 2022

May 27, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Spin & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.