Chainlink (LINK) Bulls Setting Sights on $15.50 Breakthrough, Says Analyst
Analyst Ali Martinez and data from IntoTheBlock indicate that Chainlink (LINK) faces a significant resistance level at $14.44. Overcoming this resistance could drive LINK’s price to $15.50, signalling a bullish trend.
Currently priced at $12.89, the crucial support level lies between $12.52 and $12.87, with 9.1k addresses holding 38.32 million LINK, signifying strong support and substantial investor interest in this range.
On the resistance side, the price range of $12.92 to $13.26 is vital, with 10.93k addresses holding 44.04 million LINK, suggesting a strong resistance level. Further resistance is observed at $14.04 to $14.44, with 18.14k addresses holding 35.84 million LINK. Analysts believe that overcoming this range could drive LINK to $15.50.
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Overview of the Historical Data
The recent significant trader capitulation spike, with realized losses reaching $60 million on July 8, suggests potential market bottoming as traders exhibited fear, uncertainty, and doubt (FUD). Historical data indicates that such capitulation events often precede market recovery.
Chainlink’s Price Recovery
Renowned analyst Michaël van de Poppe highlighted Chainlink’s recovery from a critical support zone, suggesting potential significant price increases. LINK’s current price is $12.42 with a market cap of $7,554,923,477, reflecting a 2.34% decline in the last 24 hours but a 7.73% increase over the past week.
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Cryptolifedigital is a cryptocurrency blogger and analyst known for providing insightful analysis and commentary on the ever-changing digital currency landscape. With a keen eye for market trends and a deep understanding of blockchain technology, Cryptolifedigital helps readers navigate the complexities of the crypto world, making informed investment decisions. Whether you’re a seasoned investor or just starting out, Cryptolifedigital’s analysis offers valuable insights into the world of cryptocurrency.
