Chainlink has seen some mixed price action in recent weeks, with the cryptocurrency’s price plunging as low as $10.00 and facing another rejection around $12.00. This price action has primarily favored sellers, as the inability for it to make a sustained push off of its support around $10.00 seems to point to some underlying weakness amongst buyers. It may also suggest that the recent downtrend has done serious damage to its mid-term market structure.

That being said, the strong base of support it has been establishing throughout its recent price action may ultimately act as a springboard that helps propel LINK significantly higher.

One analyst, in particular, is setting his sights on a move up towards $13.50 in the near-term, explaining that its technical outlook is beginning to grow brighter as its downtrend stabilizes.

Chainlink Shows Signs of Slowing Its Descent as Support at $10.00 Holds Strong

At the time of writing, Chainlink is trading up marginally at its current price of $10.78. This is around the price at which it has been trading throughout the past few days.

Buyers have been ardently defending against a dip below the lower-$10.00 region, as this has been a historically strong support level for the crypto. A sustained dip below here could throw Chainlink into a tailspin and lead it to see significantly further downside in the days and weeks ahead. Where Chainlink trends in the near-term may be somewhat dependent on Bitcoin, Ethereum, and the rest of the cryptocurrency market, which are all currently caught within a bout of sideways trading. If BTC or any other major cryptocurrencies plunge, it could create a headwind that forces Chainlink below the crucial $10.00 level.

Analyst: LINK Could Surge Towards $13.50 Due to Strong Support

One analyst, while speaking about Chainlink’s present technical outlook, that he believes the cryptocurrency could be poised to see a notable short-term rally. He specifically points to the price region between $13.00 and $13.50 as the area to watch, noting that the support at $10.00 is rather significant and may spark an uptrend.

“The higher timeframe levels are quite clear on LINK. Lower timeframe potential entry zones are approaching with the potential of bouncing towards $12. Breaking $12 and $13-13.50 is on the horizon,” he said.

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If the market continues stagnating, the support just below Chainlink’s current price could begin eroding, leading it to see a sharp downside move in the near-term.

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