LINK Price Could Find Next Support At This Level, Traders Reveal

Amid a wider cryptocurrency market turbulence with an impact of Bitcoin’s ongoing freefall, a few altcoins are still holding strong. From hovering around the $31,000 zone just last week, Bitcoin fell to a low of $21,329. In fact, BTC had on Wednesday registered a 24 hour low of $20,178, furthering its freefall in last two days.

Despite Bitcoin’s steep fall on Tuesday, altcoins like LINK showed good resistance with a positive price movement. At one point on Tuesday, the Chainlink coin was up by around 10% at a time when Bitcoin lost $3,000 in value within hours.

LINK Price Aligned With Bitcoin Fall

However, weekly data suggests LINK took a 32% price drop, in parallel with Bitcoin’s fall. From a high of $8.90 on June 8, LINK was trading at around $6.76 on June 14, according to CoinMarketCap.

LINK is currently trading at $6.37, up 0.46% in the last 24 hours. Earlier on Wednesday, the token peaked at $6.86 before falling to $5.88. Since LINK price steadily recovered and is likely to find the next resistance, which is said to be around $8.

According to Sheldon Sniper’s analysis, the next two resistance levels of LINK are $8 and $9.64. On the other side, the Chainlink token is likely to find a support price around $6.19.

Deeper Support For Long Term Position

Meanwhile, a trader by name Crypto Tony on Twitter revealed he was looking for next support between $4 and $5. For long term holding of LINK, he suggested a support level under $5.

“LINK between $4 and $5 is the area I am looking for a bounce for a longer term play‼ If we show signs of demand I will be starting a position.”

Last week, Chainlink unveiled implementation plans on staking for the second half of 2022. Among the goals were achieving cryptoeconomic security and community participation. “Staking is a key mechanism that aims to bring a new layer of cryptoeconomic security to Chainlink,” it said.

Anvesh reports major announcements around crypto adoption by institutions and popular personalities. Having been associated with the cryptocurrency industry since 2016, Anvesh is a strong advocate of decentralized technologies. Follow Anvesh on Twitter at @AnveshReddyBTC and reach out at anvesh (at) coingape.com

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.