Volatility in the crypto space has been reduced significantly as the major cryptos maintain a very narrow trend. After testing the main resistance a couple of times, Bitcoin’s price faced rejection and dropped below $24,000 at the moment. Besides, Ethereum’s price has sustained close to $1650, which has induced significant momentum among the other altcoins. Top altcoins like Chainlink are believed to explode in the next few days.
The LINK price appears to be sluggish as the bulls are currently inactive. They appear to be accumulating strength to rise beyond the interim resistance without facing rejection, as it happened multiple times before. Therefore, one of the well-known analysts, Altcoin Sherpa, suggests his 192.4K followers wait until the price surges beyond the resistance close to $9.5.
The analyst believes that Chainlink has underperformed many altcoins previously, and is one of the safer tokens given the shaky market conditions. Therefore, the token could maintain its strength for a longer time as long-term exposure to the bullish trend may be in line with the asset ahead.
Once, the price rises beyond the aforementioned resistance levels, a fine upswing will be imperative. Presently, the price is trading between crucial levels, which may determine the upcoming trend of the token. Nevertheless, a well-known analyst, Micheal van de Poppe believes that the LINK price is primed to reach $10, once it breaks out of accumulation.
“Would be expecting continuation for Chainlink to take place towards $10. Then it breaks out of a 10-month accumulation period,”
Chainlink has been the most under-valued token with vigorous fundamentals, and hence the value of the token may surely rebound with a flip in market sentiments. Hence, a notable upswing may be pre-determined in the coming days.
Source: https://coinpedia.org/price-analysis/altcoin-news-chainlink-link-price-is-poised-for-a-meteoric-rise-is-it-the-best-bet-right-now/