Chainlink (LINK) Coils above Crucial Support, Eyeing $16 Revisit
- LINK price touched the demand zone at $10.82 – $13.06, suggesting an impending bounce.
- Enthusiasts may await a 17% surge towards 415.70 as the alt keeps its closest support area away.
- Breaching the barrier at $10.82 will cancel the bullish narrative and unveil further downtrends.
Chainlink saw its price shattering some weekly resistance zones and hovering around a critical level. A rebound from this barrier appears possible but might emerge after Chainlink endures a slight retracement.
LINK Price Tries Comeback
Chainlink’s price lost around 65% within the past three months, from $38 to $11. The massive downward move flipped several weekly support floors into resistance. For now, the alt retest the daily demand territory, stretching between $10.82 and $13.06.
Though Chainlink appears primed for upside movements, it might drop further into the mentioned demand territory before embarking on higher moves. The initial hurdle for bulls stands at $14.97. Overcoming this obstacle will see market makers pushing LINK past $15.70 and gather buy-stop liquidity beyond the level. That would translate to a 20% total ascent, and Chainlink will likely pause before revealing its intentions.
IntoTheBlock’s GIOM model supports the technical viewpoint for LINK price. The closest resistance cluster stretched between $13.55 and $15.02, where around 33,080 addresses that bought roughly 35.69 million Chainlink coins are out of money. Therefore, LINK moving into this territory will likely encounter selling momentum from investors attempting to break even.
Meanwhile, the closest support cluster to the downside appears weaker. That means LINK can dip further. In such cases, the GIOM model indicates that ‘In Money’ buyers around $10.50 will support any retracement. These buyers bought approximately 30 million Chainlink tokens.
Though Chainlink’s upside appears limited, it’s understandable amid inactive crypto sessions lately. The crypto reflected this development as new addresses registering with LINK blockchain dropped to 660 from 1,500 within the past three months. The 56% fall shows that market players aren’t interested in Chainlink at its current price.
Though the bullish picture, LINK producing a daily candle close under $10.82 will form a lower low and cancel the optimistic thesis. That can see LINK price exploring lower areas.
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