Chainlink stands in a strong support zone in the $ 13.00 zone. Every drop of asset here has caused it to see a strong recovery.
Analysts pointed out that numerous strong reactions to this level over the past few days could be a positive development for the short-term technical strength of the cryptocurrency.
One trader notes that LINK is still facing heavy resistance around $ 16.00, which could result in a trading range of around $ 14 to $ 16 in the coming days or weeks.
Another trader offers a more optimistic outlook on the cryptocurrency and explains that despite encountering some resistance, he expects the strong support just below its current price to serve as a rally that lifts Chainlink to $ 19.00.
This rally could wipe out nearly all the losses that have occurred as a result of its recent weakness.
For this possibility to occur, LINK must continue to hold above $ 13.50.
Bulls Start Creating Trade Range While Defending $ 13.0 Zone On Chainlink
At the time of writing, the cryptocurrency asset is traded at $ 14.60. This price level is around the price it has traded for the past few days.
Over the past week, LINK has dropped as low as $ 13.50 several times, but each break below $ 14.00 is fairly short followed by a sudden recovery.
This suggests that a trading range could form with an analyst’s lower-bound support and Chainlink’s short-term resistance of $ 16.00 being the upper bound.
If the Bulls Defend the $ 13.50 Level, It Could Rally At LINK
Another analyst explained that Chainlink could see a rise to $ 19.00 in the near term, but would be void if that strength fell below $ 13.50.
What Does Dave Portnoy Mean?
Last week, Dave Portnoy, founder of Barstool Sports, left the cryptocurrency market after a brief pressure. The famous name Bitcoin liquidated $ 1.25 million of cryptocurrencies, including Chainlink (LINK) and Orchid (OXT).
Although he claims to have made money in BTC, he lost a lot of time in LINK and OXT and bought both altcoins from local summits.
When he announced that he was liquidating his digital assets, he specifically mentioned Link:
“I currently have zero Bitcoin. I will wait and watch. I lost 25 thousand dollars. Just like the stock market, it took me a while to understand this, I know that. Link is weak and orchid flowers die in the cryptocurrency world. I may be finished or I can try again. ”
Still, Portnoy may be returning. It implies whether to “buy again” Bitcoin and Chainlink recently.