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Chainlink (LINK) Builds Strength But Full Rally Hinges on One Key Level
After a significant drop from $27.12 to $10.10, Chainlink’s LINK token is attempting to recover and build strength. Despite the recent gains, the price still needs to overcome one crucial level in order to initiate a full-fledged rally.
The cryptocurrency has already shown positive signs by breaking above the $10.50 and $11.20 resistance levels. Additionally, it has outperformed Bitcoin and cleared the $12.50 barrier. As LINK approaches the 23.6% Fib retracement level of the downward move from $27.12 to $10.10 low, we can’t help but feel that we’re on the cusp of a major swing.
Currently, the price is trading above the $13.00 resistance zone and displaying many bullish signs. However, it still needs to breach the $14.00 and $14.20 levels to gain sufficient momentum for a full rally. If LINK manages to close above these hurdles, we can expect a significant surge towards the $15.50 level.
It’s essential to note that failure at this critical point could result in a downward correction, with immediate support resting at $13.00 and subsequent support at $12.20 and then $11.80 (a multi-touch zone). Any further losses might see LINK slide towards the $10.00 support area.
To conclude, while Chainlink’s current momentum is encouraging, it’s crucial for the cryptocurrency to surpass the $14.00 resistance level in order to initiate a full-fledged rally.
Source: https://coinchapter.com/chainlink-link-builds-strength-14-00/
