Chainlink has seen similar turbulence, but analysts are now noting that it may be well-positioned to see some notable upside in the near-term.
One analyst is pointing to the strong support it has at both $11 and $10 as a reason why a movement up to $15 may be imminent in the near-term. The cryptocurrency is also showing signs of repeating the price action it saw during the mid-point of its parabolic rally during its previous bullish cycle.Chainlink Repeats Price Action Seen During Past Bullish Cycle
At the time of writing, Chainlink is down just under 5% at its current price of $11.87. This is around the price at which the cryptocurrency has been trading throughout the past few days.
It is important to note that this does mark a notable rebound from recent lows of $9 that were set just a couple of days ago. One analyst is that although the cryptocurrency is currently trading down significantly from its recent highs of $20, there is a strong possibility that it will soon see a continuation of its uptrend. He said that it is showing some striking similarities to the dip seen during its previous bull cycle.“LINK is just repeating its previous bullish cycle,” he said while pointing to the below chart.
Image Courtesy of il Capo of Crypto. Chart via .
These Key Support Levels May Help Propel LINK Higher
Another analyst that there are two key support levels – at $10 and $11 – that are likely to act as a springboard for Chainlink to see further upside, so long as they continue being defended.“Two areas of interest for scalps; – $11 zone for a potential S/R flip towards $15. – $10 zone again for a similar move towards $15. Overall, everything moves correlated,” he explained.
Image Courtesy of Crypto Michael. Chart via .
Whether or not Chainlink can defend against a decline beneath these levels may depend almost entirely on Bitcoin’s short-term outlook.
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