As per latest data, Chainlink ($LINK) is facing a strong resistance between $14.50 and $15.30 area. It is because this area is where $LINK investors have bought 153 million LINK coins earlier. As this is their buying zone that is why it is now creating a resistance. Crossing this area will bring all those investors into profit, something which market makers don’t like. As Chainlink’s current price is $14.29, the market can either breakthrough or pullback depending upon crossing this resistance.
Current Market Condition and Movement Prediction of Chainlink
This large concentration of holdings is at “Out of the Money (OTM)” which presents a major barrier to price advancement. It shows strong resistance and the investors may sell their holdings upon reaching their break-even point. The current price is $14.29 and if the resistance is crossed, then the coin can enjoy a huge move upwards. If it pushes above this level, sellers will witness a breakout. If this level can’t be broken, there will be a likely increased selling pressure and a pullback.
Moreover, there is a strong support at $12.28 – $14.04. As 75.6 million $LINK is “In the Money”, these holders are in profit and will not need to sell their holdings.
Will $LINK Rise to if it Manages to Hit Bullish Momentum?
As per data, $LINK was seen trending upwards, with successively higher highs and lows. Price action on the weekly chart re-entered an ascending channel’s bottom border, suggesting a possible impending reversal. In the immediate term, $LINK might advance to $24 if positive momentum kicks up. This would line with the daily 1.618 Fibonacci retracement level. But further losses towards $10 can be on the horizon if the price drops below $13 and remains there.
To conclude, if $LINK manages to surpass $15.30, it will face less resistance and rally stronger. However, if it does not cross this level, there will be a pullback in the market towards $13-$14 support. But as per the analysis of Binance Square, Chainlink $LINK may reach to $24. Let’s see what the time unfolds.
