For a very long time now, $15 has been a crucial phycological mark for Chainlink (LINK). The coin has tried to maintain gains above that several times this year but has fallen again as volatility in the market continues to hit. So, what will happen this time? Here are some pointers:
It’s the first time LINK has gone above $15 in several weeks.
$15 had also proved to be a huge overhead resistance level for LINK’s upswings.
Bullish momentum is looking likely but could slow down eventually.
Data Source: Tradingview
Chainlink (LINK) – Price analysis and prediction
Converting $15 from overhead resistance to support is a big move for LINK bulls. The coin has surged past this level for the first time in a while, and based on the price action so far; it seems like it's actually trying to consolidate here. The big question now is how long LINK can keep the price action above $15.
If indeed bulls pull it off, then it is likely that the coin will move on to test the next overhead resistance zone of $18. Based on the current bullish momentum, we expect LINK to surge to around $19.5 before it tries to find more demand.
However, with many short-term traders likely to lock in profit at that zone, we expect a slight pullback once LINK rides above $19.5 in the near term. Besides, The RSI right now has moved to neutral, which suggests any bull run will slow eventually in a few days.
Is it time to buy Chainlink (LINK)?
Founded in 2017, Chainlink (LINK) has grown to become one of the main blockchain projects in the world. It is quite low from its ATHs, but this also means that it is a very good option to buy at the moment. With LINK’s long-term potential, any investors worth his or her salt should have it.