Chainlink News: Ethereum based blockchain network Chainlink’s LINK token failed to breach the key resistance at $9.40 level in the last 8 months. This is despite a major relief rally since January 2023 in Bitcoin (BTC) and many other altcoins. However, as the speculation around the arrival of altcoin season heats up, another crypto market rally could potentially spur a breakout in LINK price. Also, it is also believed that the cryptocurrency would have to take a slight correction before taking the upward curve.
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LINK To Breakout?
Chainlink (LINK) price is yet to see a promising rally despite other coins having a significant jump in recent weeks. Experts predict that the current trend of sideways movement could continue until the current range is maintained. Hence, the breach of $9.40 level is crucial for LINK price. Michael van de Poppe, a popular crypto trader, a retest for Chainlink retest around $7.80 could trigger a breakout way beyond the current resistance level. He said LINK was slightly breaking out if there is a retest around $7.80.
“I would be happy to long, resistance around $8.50-9.00, before we continue towards $15-20.”
Development wise, the project could have significant upside if it delivers as per plans. Recently, Chainlink founder Sergey Nazarov revealed plans to add various AI based use cases for the blockchain.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/chainlink-link-on-the-verge-of-breakout-if-this-support-breaks/