Chainlink (LINK) price prediction experienced fluctuations in investor sentiment due to Ethereum‘s (ETH) early week recovery. The development in the spot ETF is now met with Bitcoin correction. Here are the details in the cryptocurrency!
Resistance Level in LINK
Bitcoin fell for four consecutive days, reaching $67,000, limiting the recovery of many altcoins. However, Chainlink (LINK) token increased by 4% today, forming a reverse candlestick pattern and showing significant resistance against the market correction. Chainlink’s current rally began in mid-May, recovering from the monthly support level of $12.8. This renewed momentum increased the altcoin by 34.2%, bringing the trading price to $17.23.
The rally on May 16 broke a downward trend line, ending a 2-month correction trend. Currently, even if Bitcoin starts a new correction trend, LINK price is stabilizing above the reversed $16 support level.
Price Prediction for LINK
The mentioned formation also indicates the formation of a bullish trend. Starting from $16, it shows that buyers are defending this support to target a higher goal. According to the cryptocurrency analytics firm Santiment, on-chain data reveals that for every 1 LINK transaction at a loss, 11 transactions are profitable. This 11:1 ratio is the highest profit-taking ratio since December 8, 2022, which may indicate a strong bullish trend among LINK investors.
The mentioned data shows that many participants are taking advantage of profit opportunities at higher price levels, reflecting strong market confidence. Therefore, a potential reversal from $16 could raise the LINK price to $18.67 and then to $20.7. Chainlink (LINK) price increased by 4% to $17.23 amid Ethereum’s recovery and Bitcoin’s decline. The May 16 rally broke the downtrend. On-chain data indicates a strong bullish trend among LINK investors.
