For a long time, $15 has been a crucial physiological figure for Chainlink (LINK). The coin has tried several times this year to keep gains above that value, but has fallen again as market volatility continues to increase. So, what will happen this time? Here are some pointers:
It is the first time in several weeks that LINK has moved above $15.
$15 also turned out to be a huge overhead resistance level for LINK’s upswings.
Bullish momentum seems likely but could eventually slow down.
Data source: Tradingview
Chainlink (LINK) – Price Analysis and Forecast
Converting $15 from overhead resistance to support is a big step for LINK bulls. The coin has moved past this level for the first time in a while, and based on the price action so far; it seems like it is trying to consolidate here. The big question now is how long can LINK keep the price action above $15.
If the bulls do manage to pull it off, then it is likely that the coin will move on to test the next $18 above-ground resistance zone. Based on the current bullish momentum, we expect LINK to rise to around $19.5 before trying to find more demand.
However, with many short-term traders likely to make gains in that zone, we expect a slight pullback once LINK moves above $19.5 in the near term. By the way, the RSI has now moved to neutral, suggesting that any bull run will eventually slow down in a few days.
Is it time to buy Chainlink (LINK)?
Chainlink (LINK), founded in 2017, has become one of the most important blockchain projects in the world. It is quite low on its ATHs, but this also means that it is a very good option to buy at the moment. With LINK’s long-term potential, all investors worthy of his or her salt should have it.