Chainlink (LINK) to Present Buy Opportunity before Surging 35%
- Chainlink’s price experienced a crash after LINK printed a local top near $23.31.
- The resulted downtrends seem to knock the alt down towards $19.03, offering bargain fans an accumulation opportunity.
- Breaching the $17.23 range low will cancel the bullish case.
Chainlink (LINK) seems ready for a lower move amid fading bullish momentum. Though the correction will mean bears dominating in the near term, it will provide market players an opportunity to buy LINK at a discounted price. Also, investors will have the chance to catalyze a sharp rise to form higher highs.
LINK Price Appears Ready for Higher Highs
Chainlink rose by 35% from 6 December to 8 December, setting a swing high near $23.32. However, bulls exhausted after the run-up, translating to sideways upswings, breaking low at the moment.
So far, the alternative coin has lost 5.3% and appears ready to sustain further plummets. The oracle coin will encounter the support floor at 50% retracement area ($20.27) on its way down. Nevertheless, investors can see LINK’s price bouncing off 70.5% retracement area at $19.03.
A reversal at this level may propel Chainlink to battle the $23.31 range high. If the alt clears this obstacle, it will open the road towards the following resistance zone at $25.62. The run-up to $25.62 from $19.03 means a 35% uptick.
Though Chainlink’s price can continue its rally past $25.62, market players need to watch actions above this level, considering the crypto market’s choppy nature. You need to monitor market movements in the upcoming sessions if you want to buy the dip and as a rule of the game, bet with what you can afford to surrender. Nevertheless, Chainlink has what it takes to climb after its drops, thus a lucrative dip-buying opportunity.
Though the bullish outlook on Chainlink, the alt has to maintain beyond 79% retracement zone at $18.51. If LINK weakness that, it will increase the chances to dip lower, retesting the $17.23 range low. The bullish narrative will fade if the oracle token prints a lower low beneath this barrier.
What are your thoughts on Chainlink’s upcoming price movements? You can comment on the reply section below.
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