Chainlink (LINK) Bulls Setting Sights on $15.50 Breakthrough, Says Analyst
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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.
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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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