Chainlink News: Ethereum-Based Blockchain Network Chainlink’s LINK Token has failed to break the main resistance at $9.40 level for the past 8 months. This is despite a major relief rally since January 2023 in Bitcoin (BTC) and many other altcoins. However, as speculation around the arrival of the altcoin season ramps up, another rally in the crypto market could potentially lead to a breakout in LINK price. It is also believed that the cryptocurrency would have to undergo a minor correction before taking the upward curve.
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LINK To Outbreak?
The price of Chainlink (LINK) has yet to see a promising rally, despite other coins rising significantly in recent weeks. Experts predict that the current trend of lateral movement could continue until the current range is maintained. Therefore, crossing the $9.40 level is crucial for the LINK price. Michael van de Poppe, a popular crypto trader, a Chainlink retest around $7.80 could trigger a breakout well beyond the current resistance level. He said LINK broke out a bit if there is a retest around $7.80.
“I would like to lunge, resistance around $8.50-9.00 before moving into $15-20.”
In terms of development, the project can have a significant benefit if executed according to plans. Recently, Chainlink founder Sergey Nazarov revealed plans to add several AI-based use cases for the blockchain.
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Anvesh reports major developments around crypto adoption and trading opportunities. He has been associated with the industry since 2016 and is now a strong advocate for decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @BitcoinReddy and contact him at [email protected]
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This post Chainlink ($LINK) on the verge of breaking if this support breaks?
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