Chainlink price on rise as $9.50 comes back into play
|- Chainlink price erased its sudden blood pressure drop from earlier this week and is back to green numbers.
- LINK could be heading toward $8.50 and needs to break through to avoid a double-top formation.
- Crypto strategist Michaël van de Poppe projects a breakout trade at $9.50 in the Ethereum-based blockchain network token.
Chainlink (LINK) price is gearing up as a bullish outlook is being forecasted. Several indicators and events point to a higher revaluation. Known crypto strategist Michaël van de Poppe said earlier this week that a bag of alt-coins is set to outperform the majors like Bitcoin and Ethereum. Chainlink was in first place as the Ethereum-based blockchain network token is seeing more buyers and its Relative Strength Index (RSI) pushing higher.
Chainlink price primed for a higher valuation at $9.50
Chainlink price is pushing higher this Thursday with already over a 4% gain as traders shrug off the red numbers for this week. The push comes as several analysts believe there is a build-up in a handful of alt-coins where whales are drying up the price action with relentless buying. The biggest and best candidate for a breakout trade is Chainlink with a near 20% price increase.
LINK could rapidly test $8.50 below the monthly R2 resistance level. Traders though need to watch out and make sure to refrain from taking profit as the risk of a short-term double top with the peak from last Monday could cause some issues. When bulls can push price action further up, the next target becomes $9.52 with that past triple top as a fortress for bears to defend since a breakout would spur a massive bullish wave.
LINK/USD daily chart
Traders racking in quick gains and exiting already near or before $8.50 would mean a big issue for LINK. Expect the price to collapse like a failed pudding pie if that is the case and support to halt the decline near $7.50 or $7.25. Once the green ascending trend line breaks lower, expect to see LINK flirt with $7. If not, $6.50 will rather do the trick and see bulls flock in to push price action back up.
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