Chainlink price (LINK-USD) is showing a lot of strength amid a correction in Bitcoin. The biggest cryptocurrency by market cap failed to break the key psychological level of $25,000 despite multiple attempts. Consequently, crypto markets are experiencing a pullback as investors await the next BTC move. However, LINK crypto price remained green on Thursday, suggesting that it wants to go higher.
LINK coin price has gained 3.3% since yesterday and is one of the few major altcoins showing a positive price action. After rebounding from yesterday’s lows, Bitcoin broke above $24,000 once again, however, it failed to gain any strength. As a result, BTC is trading at $23,900 after sliding 1% in the past 24 hrs.
It is very difficult to predict the future price action of volatile assets like cryptocurrencies. The current high-interest rate environment is also not favorable for high-risk assets. Nevertheless, cryptocurrencies and stocks have shown a strong recovery since their 2022 lows.
Chainlink price has already gained 49% in 2023, and bulls still have momentum. From a short-term perspective, the current price appears to be a buy. However, if Fed remains hawkish and interest rates remain high, then LINK-USD can still retest its 2022 lows.
On a daily timeframe, LINKUSD appears to be in a sideways accumulation phase. The price has been ranging between $9.6 and $5.5 level since May 2022. If Bitcoin price breaks above 25,000 in the coming days, then Chainlink price prediction of $9.6 appears to be quite reasonable.
However, the February low of 6.42 must be treated as a line in the sand. A daily close below this level will invalidate any bullish price prediction. The price action of S&P 500 and NASDAQ 100 should also be taken into account before buying LINK at these level.
A break below the 200-day moving average can also be treated as an aggressive invalidation. Currently, 200-day MA lies at $7.04, which is 13% below the current LINK-USD price of $8.15. Another critical level is the range mid which lies around $7.50.
This post was last modified on Feb 23, 2023, 13:40 GMT 13:40