Chainlink ($LINK), On the Verge of Breakout If This Support Is Broken?
Chainlink News: Ethereum-based blockchain network Chainlink’s LINK to token failed to surpass the $9.40 level during the last eight months. This is despite a significant relief rally in Bitcoin (BTC), and many other altcoins, since January 2023. As the speculation about altcoin season heats, another crypto market rally could lead to a breakout of LINK price. It is also believed that the cryptocurrency will need to make a slight correction before it can move upwards.
Also read: Meta takes a leaf out of Elon Musk’s Twitter and Announces a New Feature
Despite other coins seeing a significant rise in value, Chainlink (LINK), is yet to see a rally. Experts predict that the current trend towards sideways movement will continue until the current range is maintained. The LINK price will be affected if the $9.40 level is breached. Popular crypto trader Michael van de Poppe said that a Chainlink retest at $7.80 could trigger a breakout beyond the current resistance level. If there is a retest at $7.80, LINK could be slightly breaking out, he said.
“I would be happy if you could long, resistance between $8.50-9.00, before moving towards $15-20.”
If the project goes according to plan, it could have significant upside in terms of development. Sergey Nazarov, founder of Chainlink, revealed plans to add AI-based use cases to the blockchain.
Also read: Keep these two altcoins on radar for the coming months, where’s bitcoin (BTC)?
About the author
The content presented may contain the author’s personal opinion and is subject to market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.