As the bulls appear to be losing control, LINK is looking for a powerful Bullish restart. The whole cryptocurrency market has recently experienced a shift in sentiment, and LINK has traded in step with its peers. Chainlink witnessed a decline after reaching a peak value of more than $50.
Given the trying trading environment that Chainlink has endured over the previous several weeks, it’s difficult to predict the token’s immediate trajectory. Chainlink is predicted to test and surpass its peak, as well as develop a base that might be higher than this pricing. It is only a matter of time before this process begins.
The previous close for LINK was $22.95. LINK began the day on a bearish note, trading at $22.84. If it succeeds to break through the crucial resistance level of $23.92, the gates to $24 and $25 will open. The primary support levels, on the other hand, are $21.85 and 20.88.
Benjamin Cowen backs LINK!
According to him, Bitcoins volatility is something that LINK does not like. LINK prefers Bitcoin to be stable, and it has been somewhat erratic recently. It went from $10,000 to $64,000, then back to $30,000, and now it’s back to $39,000. He feels that Bitcoin has taken over the current market phase. He believes that once the volatility subsides, LINK will be able to resume its upward trajectory, but until then, he believes that we will have to wait.
One of his favorite projects being Link. The analyst is still positive on LINK, however, he feels Bitcoin’s relationship with its 20-week SMA will drive a lot of the asset’s immediate price activity (simple moving average). This cycle, he believes chainlink will go higher than $55.