Cryptocurrency analyst and trader Ali Martinez believes that Chainlink (LINK) may soon move higher.
Martinez Tells His 42,400 followers on social media platform
“Chainlink is facing stiff resistance between $19.40 and $20.03, with 5,330 addresses holding over 8.59 million LINK. But if LINK can break through this supply wall, the next critical resistance area will be around $26.87, which represents a price increase.” By 38%!
The trader's chart tracks LINK's In/Out of the Money Price (IOMAP), a metric that helps determine support and resistance levels for a particular digital asset.
Other traders are also bullish on Chainlink.
The analyst goes by the pseudonym Rekt Capital Believes Chainlink is on an uptrend, but it may decline to retest support levels before continuing higher.
“Breakout confirmed. Any declines at the top of the reaccumulation range (if they occur at all) will likely be a retest attempt before further trend continuation.”
The pseudonymous analyst Inmortal expects Chainlink to rise more than 443% from its current value this cycle.
“After complex mathematical calculations and years of research, I have reached these conclusions:
1. The link is undervalued (I've been saying this since it was $6)
2. At some point in this cycle: 1 link = $100.
Looking at his chart, the trader indicates that LINK will continue to move its leg up, consolidate for a while and then take off to the next leg.
Chainlink is trading for $18.40 at the time of writing, down more than 3% over the past 24 hours.
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Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should conduct due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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