[ccpw id="39382"]

HomeCrypto NewsMarketChainlink Eyes $15.50 If Bulls Break Key Resistance Levels

Chainlink Eyes $15.50 If Bulls Break Key Resistance Levels

Date:

Written By:

Follow TheCryptoBasic

Recent data suggests Chainlink could reach $15.50 if it stays above $12.52, breaking key resistance at $14.44.

According to analyst Ali Martinez and data from IntoTheBlock, the key supply wall at $14.44 serves as a significant resistance level. Breaking this resistance could propel LINK towards $15.50, suggesting a bullish movement.

- Advertisement -

 

At the current price of $12.89, the most critical support level is between $12.52 and $12.87, where 9.1k addresses hold 38.32 million LINK. This level represents strong support, indicating a substantial number of investors are in profit at this price range.

On the resistance side, the price range of $12.92 to $13.26 is crucial, with 10.93k addresses holding 44.04 million LINK. This volume and number of addresses suggest a strong resistance level that the price needs to overcome for further upward movement.

Further resistance is identified at the $14.04 to $14.44 range, with 18.14k addresses holding 35.84 million LINK. According to the analyst, overcoming this range could push LINK to $15.50.

Historical Recovery Trends

The recent analysis comes two days after Chainlink experienced a significant trader capitulation spike, with realized losses reaching $60 million on July 8. However, the spike, the largest in 2024, signaled potential market bottoming as traders exhibited fear, uncertainty, and doubt (FUD).

- Advertisement -

ChainLink

Historical data suggests that such capitulation events often precede market recovery. For instance, a similar spike on April 13 led to a 17% price increase over the next ten days. Additionally, dormant LINK tokens have started to move, indicating a possible shift in market sentiment or anticipation of significant market changes.

Experts Remain Bullish

Renowned analyst Michaël van de Poppe highlighted Chainlink’s recovery from a critical support zone, suggesting potential significant price increases. Chainlink, currently trading for 0.0002485 BTC, has formed higher lows and higher highs, indicating a bullish trend. Van de Poppe’s analysis aligns with the current data, suggesting that if LINK breaks its resistance levels, a notable price increase could follow.

Today, Chainlink’s price stands at $12.42 and a market cap valued at $7,554,923,477. Despite a 2.34% price decline in the last 24 hours, LINK has seen a 7.73% price increase over the past week. 

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

Author

Zabi
Zabi
Zabi is crypto enthusiastic with more than 10 years of experience in managing Google News-approved Finance websites. Zabi has a strong background in finance with a thorough understanding of cryptos and a solid grip on the crypto and financial market industry. Along with his passion for crypto writing, Zabi manages his personal stock and finance-related Google News-approved websites.

More from Author

Latest Stories

Guides