Chainlink Price Analysis: Potential Breakout On the Horizon
As a crypto enthusiast, you may be watching Chainlink closely as its price hovers around $18, anticipating a possible rally that could lead to significant returns. However, there are a few factors that could hinder the altcoin’s growth as it aims to break out.
Chainlink Investors Express Optimism
The recent dip in Chainlink’s price over the last couple of weeks seems to be reversing as investors show renewed interest in the asset. The uptick in activity across the network is a clear indicator of this positive sentiment. Active addresses have surged by about 104% on a daily basis, reaching a peak not seen in two months.
- This surge reflects investors’ expectations of a future price increase.
- Nearly 38.55 million LINK tokens are approaching a profit zone, amounting to $684 million in value.
Crucial Barrier Ahead for LINK Price
The current price action of Chainlink, hovering around $17.80, is being tested at the local support level of $17.85. A bounce from this level could propel the altcoin above the $18.73 resistance, leading to further upside potential as profitable supply increases.
- Breaking the $17.85 support may trigger a drop to the $16.95 floor, jeopardizing the bullish outlook.
Hot Take: Stay Tuned for Chainlink’s Next Move
As you continue to monitor Chainlink’s price, keep an eye on key support and resistance levels to gauge potential breakouts or breakdowns. The current investor sentiment appears positive, so be prepared for possible price movements in the near future.
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