Chainlink (LINK) Stabilizes at $11.35; Potential Bullish Breakout
Chainlink (LINK) is currently stabilizing at $11.35, with the potential to break through the $12.50 resistance level. A bullish move could push LINK towards the critical $16.00 level, drawing trader interest. If the token fails to break resistance, it may test support levels at $9.50 and $7.30.
Chainlink is among the most discussed cryptocurrencies by traders, and recent price fluctuations may indicate growth. WZRD, an analyst, mentioned that the token was slightly bullish and there could be more up to come for the LINK. If LINK pulls through the $12.50 resistance, there is potential to continue with the upward trend and possibly hit the next critical level of $16.00.
Thus, the current bullish signals serve as the background that indicates the cryptocurrency is about to experience a new wave of growth. While if the token encounters resistance, it could return to the $9.50 and $7.30 levels. The major support level is $5.00, however, this is expected to only be seen in the instance of a market dip or a mass sell-off.
The bullish sentiments have been timid in recent trading sessions, but the closing of the recent sessions reflects a positive market sentiment. If the token could sustain the current support level and break through the $12.50 level, it is likely to stimulate buying interest. This would create a way of a possible move to the $16.00 level which many traders will be looking at.
However, if token does not manage to surge past the $12.50 level, a correction towards $9.50 is possible. Any break below this level may open the door for more selling pressure targeting $7.30 as the next support level. In the near future, Chainlink has a potential for both, a rise to the upside and a drop to the downside.
However, there are indications of possible increase, but traders should be cautious because the market is still very shaky. LINK price action would be of interest in the coming days; traders would be watching key resistance and support levels.
