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Buy Chainlink on a retracement as momentum remains strong after breakout

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  • Chainlink token is boosted by strong fundamentals 

  • LINK eyes the next resistance at $10.7 but could correct on its way up

  • Investors should take advantage of a potential correction

Chainlink’s LINK/USD is gearing for the next bullish move. After a breakout above $7.4, the cryptocurrency has set $10.7 as the next potential level. LINK trades at $9.04 in a strong bullish momentum.

Chainlink gains come amid strong fundamentals. In June, the blockchain said its live price feed would be expanded to the Solana network. The blockchain plans to expand the live price feed to other coins. Chainlink currently supports live price feeds for USDC, BTC, and ETH. Next month, Bybit is expected to integrate Chainlink’s live price feeds for 35 coins. The move is expected to strengthen the price accuracy for spot trading.

Earlier in the year, Chainlink announced plans for Chainlink 2.0. The move will enhance the smart contract functionality of the blockchain and introduce staking. The developments are some of the triggers of LINK price, which traded at the bottom of $6 in mid-July.

Another bullish trigger for LINK is the inflation data on Wednesday. The data showed cooling consumer prices. That increased speculation of a less aggressive Fed, which boosted cryptocurrencies. LINK now eyes $10.7 and beyond next.

Chainlink token surges as inflation data show cooling prices

Source – TradingView

The technical outlook shows Chainlink pushing higher above $7.4. The MACD indicator shows a strong and increasing bullish momentum. The cryptocurrency faces an immediate minor retracement at $9.0. The established resistance is at $10.7.

LINK’s price could remain bullish in the next few days after the improved crypto sentiment. Investors should take advantage of a potential retracement to buy the token lower.

Summary

Chainlink’s price is very bullish due to strong fundamentals and improved crypto sentiment. The token could face a minor correction at $9. Investors should take advantage of a retracement to buy lower as momentum remains strong.

The post Buy Chainlink on a retracement as momentum remains strong after breakout appeared first on CoinJournal.

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