Chainlink (LINK) Surges 16% Amid Bullish Predictions, Eyes $17 Resistance Break

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July 5, 2024 by Kashif Saleem

The altcoin market shows signs of a potential turnaround due to reduced selling pressure after Bitcoin’s correction. Notably, Chainlink (LINK) surged by 16.23%, rebounding from a strong support level of $12.63 to $14.68. This rise signals a revival in investor confidence, paving the way for further gains.

Market analyst CryptoYapper recently provided a bullish analysis of Chainlink, highlighting its robust recovery from a well-established support level. He emphasized the significance of the $13 support zone, which has consistently held strong, boosting trader confidence.

LINK is currently trading around $14.58, showing strong upward momentum. The price action indicates that LINK is targeting the first major resistance level at approximately $17. This level has historically influenced LINK’s price direction, making it a crucial pivot point.

Yapper believes Chainlink is set to challenge the $17 resistance. Breaking through this level may trigger additional gains and potentially ignite a fresh bullish trend for LINK. This optimism is based on the pattern of higher lows and sustained pressure on the resistance, showing that buyers are gaining strength.

Institutions Bet Big on Chainlink

Recent on-chain data shows that large investors and institutions are buying more Chainlink. In the past week alone, 54 new wallets have collectively withdrawn 2.08 million LINK tokens worth approximately $30.28 million from Binance. Notably, a significant withdrawal of 139,111 LINK (equivalent to $2.03 million) indicates strategic moves by major investors who foresee bullish market trends ahead.

Additionally, data from Santiment shows that Chainlink has surged to the second spot in cryptocurrency development activity, closely trailing Hedera. This ranking indicates that significant development efforts have been observed over the last 30 days, underscoring Chainlink’s increasing influence and ongoing innovation in the cryptocurrency sector.

Today, Chainlink began trading at $14.40, increasing by 1.25% from the opening price. It needs to stay above $13 to potentially progress towards the initial major resistance level at $15.05. Breaking above this level could see LINK rise towards the next resistance level at $17.79, with the third resistance level at $18.79. These levels indicate potential points where LINK might face resistance or increase in value.

On the downside, immediate support is at $13.16, with a more significant support level at $12.94. The current Relative Strength Index (RSI) reading of 46.95 suggests neutral momentum, indicating a period of consolidation or sideways trading for LINK unless a significant catalyst emerges.

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