- Altcoin Chainlink sees three resistance zones stand between $12 and $53.
- Which targets will LINK reclaim next?
- When will the price of LINK set a new ATH?
The crypto market experienced two days of major dips in prices, taking the price of BTC to as low as the $80,000 price range, and the price of ETH to the $2,400 price range. This correction also pulled back the prices of well-performing altcoins that were slowly reclaiming higher prices. Despite the dips, altcoin enthusiasts continue to hold high hopes for promising altcoins. In detail, altcoin Chainlink sees three resistance zones stand between $12 and $53.
Altcoin Chainlink Sees Three Resistance Zones
According to CoinMarketCap analytics, the price of the popular altcoin LINK is currently trading at the $12.94 price range, showing that the asset has dipped over 1.6% in the last 24 hours. During this same time frame, the asset fell as low as the $12.1 price range. Yesterday, LINK was holding on to the $13 price range despite the fall in BTC and ETH prices. It seems however a second day of dips pulled altcoin prices down as well.
Despite the dip in prices, many analysts and experts view this pullback as a healthy correction to make up for the rapid rise in prices over the last few weeks. Now, once this correction completes, which some analysts believe it has, the market is expected to recover and take both Bitcoin and altcoin prices to greater price levels over the coming weeks and months. Perhaps BTC will reclaim $90,000 prices by November.
As we can see from the post above, the same hope extends to promising altcoin assets. In particular, one analyst goes on to state that LINK has 3 resistance zones keeping it from attaining the $50 bull target. In detail, he shares how the weekly chart shows previous bottom-to-top advances of approximately 3,433%, 360%, and 288%. The longer accumulation range around $ – $9 preceded a substantial recovery.
What’s more, he expects LINK to reclaim $13.95 soon, rebounding from its recent base. Thus, once price has recovered, the broader sequence of lower highs remains the structure to overcome. The first test is $15 – $16. A weekly close above this zone, followed by a successful retest, would strengthen the recovery and bring the $20 – $23 price target range into focus next. That next area also meets the descending resistance line. Clearing both would be a more meaningful signal that the broader downtrend is changing.
These Zones Stand Between $12 and $53
Above it, $28 – $31 is the final major historical resistance zone marked before the bullish scenario extends toward $40 and the previous ATH near $53. A full return to $53 would represent approximately 280% upside from the price shown. All in all, $10 – $12 is the first support to defend. Losing it would weaken the rebound and put the $7 – $8 base back in focus. The green path maps the ATH scenario. Reclaiming resistance as support is what would strengthen it.
