The latest insights from IntoTheBlock have shed light on key support and resistance levels for Chainlink (LINK). The current focus is on the range between $13.16 and $13.55, which is pivotal in determining the cryptocurrency’s near-term trajectory.
As of the latest data, 12.35 million LINK tokens are held across 7,673 wallets within the $13.16 to $13.55 range. This accumulation signals a crucial support zone for Chainlink, as it reflects the confidence of a large number of investors in this price range.
However, caution is advised as the price hovers around the $12.72 to $13.16 bracket, where 7.49 million LINK tokens are held. IntoTheBlock suggests that this zone may act as a potential resistance area. If the price manages to break through this level, it could trigger a surge in buying activity. On the flip side, profit-taking or breaking even in this range may intensify selling pressure, adding an extra layer of complexity to Chainlink’s price dynamics.
As of the most recent data from CoinMarketCap, LINK is currently trading at $13.98, reflecting a 3.74% decrease in the past 24 hours. Despite LINK reaching a new high of over $16.43 earlier in the month, the cryptocurrency has been grappling with a bearish influence, indicating the potential for a significant correction in its value before the end of the year.
After a market pump, the Chainlink price maintained a closed range between $10.630 and $11.749 for a certain period. The market regained momentum in November, leading to a breakout from this range and a subsequent short pullback. Following the pullback, LINK experienced a remarkable surge of approximately 30%. However, the price met resistance at $15 and has since traded sideways, fluctuating within the $12 and $15 range.
Looking Ahead: Chainlink’s Short-Term Trajectory
A recent Chainlink price forecast suggests an 8.62% increase, projecting the value to reach $15.50 by November 29, 2023. Technical indicators point to a Neutral Bullish sentiment of 65% within the Chainlink market. Simultaneously, the Fear & Greed Index registers a score of 66, indicating a prevailing sense of Greed among investors.
Considering the price fluctuations of Chainlink at the beginning of 2023, cryptocurrency experts anticipate minimum and maximum prices of $14.26 and $15.50, respectively, by the end of November. The forecast provides valuable insights for investors navigating the volatile landscape of digital assets, offering a glimpse into potential market movements in the coming weeks.
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