Amid broader cryptocurrency market turbulence impacted by Bitcoin’s ongoing freefall, a few altcoins are still holding out. From hovering around the $31,000 zone last week, Bitcoin fell to a low of $21,329. In fact, BTC had registered a 24-hour low of $20,178 on Wednesday, continuing its free fall over the past two days.
Despite Bitcoin’s steep fall on Tuesday, altcoins such as LINK showed good resistance with positive price movement. At one point on Tuesday, the Chainlink coin was up about 10% at a time when Bitcoin lost $3,000 in value within hours.
LINK Price aligned to Bitcoin Fall
However, weekly data suggests that LINK has suffered a 32% drop in price, paralleling the fall of Bitcoin. From a high of $8.90 on June 8, LINK was trading at approximately $6.76 on June 14, according to CoinMarketCap.
LINK is currently trading at $6.37, up 0.46% in the last 24 hours. Earlier on Wednesday, the token peaked at $6.86 before falling to $5.88. As LINK price has steadily recovered and is likely to find the next resistance which is reported to be around $8.
According to Sheldon Sniper’s analysis, LINK’s next two resistance levels are $8 and $9.64. On the downside, the Chainlink token is likely to find a support price around $6.19.
Deeper support for long-term position
Meanwhile, a trader by the name of Crypto Tony revealed on Twitter that he was looking for next support between $4 and $5. For keep long term from LINK, he suggested a support level below $5.
“CONNECTION between $4 and $5 is the area where I’m looking for a bounce for a longer term game‼ If we show signs of demand I will start a position.”
Last week, Chainlink unveiled strike implementation plans for the second half of 2022. One of its goals was to achieve cryptoeconomic security and community participation. “Staking is a key mechanism that aims to bring a new layer of cryptoeconomic security to Chainlink,” it said.
Anvesh reports major crypto adoption announcements by institutions and popular personalities. Anvesh has been associated with the cryptocurrency industry since 2016 and is a big proponent of decentralized technologies. Follow Anvesh on Twitter at @AnveshReddyBTC and contact anvesh (at) coingape.com
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
This post LINK price could find next support at this level, traders reveal
was published first on https://coingape.com/link-price-could-find-next-support-at-this-level-traders-reveal/