Blockchain’s data provider, Chainlink has to face a sharp resistance before it can steer its course towards huge gains, according to the latest data on the subject.
After a massive surge, the leading cryptocurrencies such as Bitcoin (BTC), and Ethereum (ETH) are headed to face heavy correction. However, the scenario has been a little different in the case of Chainlink (LINK) that has bounced back over the last 24 hours. However, there is still the steep hill of resistance to overcome. Analysts are of the opinion that that will determine where the prices of Chainlink will go next.
The cryptocurrency was seen to be following an uptrend, according to the hundred 4-hour MA (Moving Average). Recent trends show that each time LINK’s prices started retracing, there was a sharp rejection that in turn, pushed LINK prices to the higher end.
Chainlink Can Move To $28 It If Overcomes Resistance
Data from the past week showed that Chainlink went down by 21.50%. This happened after it peaked at $26 which is also its all-time high. Suring this correction, the hundred 4-hour MA became the stock’s backbone and helped in the rebound.
The initial hurdle might be over for Chainlink that rose through the correction and is currently stuck at the resistance barrier of $24. However, there is another battle to overcome for LINK.
According to TradingView’s latest charts, LINK’s trend is moving from the bearish to the bullish again. This was indicated from the parabolic stop and reverse system. Analysts claim that Chainlink has a tendency to go by the stop and reverse pattern, as is clear from its past movements.
Analysts further claim that it might be difficult for LINK to move past this resistance because of the buying pressure. But if the cryptocurrency is successful in overcoming this barrier then it might be on the track for a new record high of $28.
