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Chainlink ($LINK) has recently bounced back from the $11.093 support level, showing positive momentum. As of now, the coin is trading at $12.12. It reflects a 4% increase over the past 24 hours and an impressive 20% gain over the last week. Despite this recovery, Chainlink has seen a decline of 11.60% over longer time frame of 30 days.
Chainlink Shows Bullish Signs, Currently in Buy Zone
At the moment, LINK is moving up and is almost overtaking the crucial resistance rate of $13.154. Currently, the cryptocurrency has been showing its value above the key EMA indicators pointing towards a bullish market. This positioning implies that Chainlink could possibly sustain its upward direction if it remained consistent with its current upward movement. However, the upward movement will need support from BTC as the current bullish sentiment of LINK is aligned with BTC’s last night pump after positive speech by FED chair.
For new entrants who wish to invest in this market, the best purchase zone is everywhere below $12. This range could prove to offer stability and a great opportunity to enter for those seeking to take advantage of what could be a reversal. If Chainlink will be able to stay above this support level and maintain its positive trend, it may have a chance to aim at the next resistance level at $13.930 or even more.
Chainlink Faces Neutral Sentiment Amidst Contrasting Investor Views
It is important to note that the current market sentiment of chainlink is still on the neutral side. There is overall market positivity, so many traders and investors expect better performance from $LINK. However, SmartMoney, institutional and experienced investors, is still bearish at the moment. The contrast in tone emphasized different possibilities about the potential of Chainlink.
Lastly, with its current standing and recent trends, Chainlink has a positive outlook if it can maintain its course. As the prices bounce around the buy zone and near resistance levels, investors should be on the lookout for any form of support. The positioning of the cryptocurrency in these key areas will be central in defining its short-term trajectory.