LINK Price may Flip if BTC price Rallies!
The Chainlink price in recent times astonished the entire crypto space by smashing multiple ATH’s in a very small time frame. However, a pullback shed the profits of nearly 50% dragging the price from about $37 to as low as $20.
Nevertheless, the LINK price rally seems to have performed better than any other altcoins as said by an analyst, Altcoin Sherpa. As the price is trending in the support region, a major breakout may be fast approaching.
The analysts also said that the Chainlink price rally is somewhere correlated to the Bitcoin price rally. As LINK price explodes as the BTC price shrinks, and therefore as the BTC price is expected to jump enormously, LINK price may be impacted negatively.
Why Chainlink Price Appears Bullish?
The Chainlink network activity has grown more than 10 times in the recent past, yielding more than 300% returns in the last 7 weeks. Moreover, the LINK on the exchanges continues to decline which manifest the Marines holding the asset anticipating a major breakout.
Secondly, post the steep price plunge, a strong consolidation continued further after a slight recovery as the price kept trending in between $25-$29 in the past week. Therefore showcasing a solid scenario of a huge spike as the price is trending within an ascending triangle and the price may break the upper resistance level any time from now.
Currently, it is mandatory to make a high move above $26.83 levels and hold as support, so that the next price can initiate a retest of levels around $28 to $28.60 area. If the support levels are held successfully, the price may even smash above $30 shortly.
As the upper resistance levels of Chainlink price is at $28 and the current price is trending very close to support levels at $24, it is mandatory for the price to flip the bearish divergence. At the time of writing, the LINK price is $25.61 with a jump of 1.31% in the past 24 hours.