Chainlink (LINK) price rose sharply on Thursday to break above $7.20 as the crypto market rode positive momentum across risk assets.
At the time of writng, LINK/USD was trading near $7.17 with weekly gains now up to 5% and 30-day upside now at 10%.
Chainlink price prediction
LINK/USD, according to crypto analyst Ali Martinez, can continue higher over the short term if bulls hold prices above recent support levels around $6.90.
The analyst has looked at the Into The Block’s In/Out of the Money Around Price (IOMAP) model to suggest its possible for LINK to go to $10.00. The on-chain metric shows massive support at the zone just below $7.00. He tweeted:
“Transaction history shows that #Chainlink formed a significant demand wall at $6.70, where over 7,000 addresses bought nearly 301 million $LINK. If this support level holds, #LINK has a good chance of surging to $10 as @intotheblock ‘s IOMAP shows little to no resistance ahead.”
Gains across crypto
The gains for LINK/USD come amid huge moves for Bitcoin (BTC) and Ethereum (ETH), the two top cryptocurrencies ripping past $24,000 and $1,700 respectively.
Notably, BTC was stuck below $22k on Wednesday before crossing above the resistance zone following the US Federal Reserve’s raising of interest rates by 0.75%.
On Thursday, the US entered a technical recession following the second consecutive negative gross domestic product (GDP) growth – coming in at -0.9%.
US Economy in technical recession as GDP shrinks for a second quarter. Q2 GDP fell at a 0.9% annualized rate as inventories, residential investment subtract from growth after a 1.6% decline in the first three months of the year. pic.twitter.com/5cXb6uNyWT
— Holger Zschaepitz (@Schuldensuehner) July 28, 2022
The post Chainlink price: Analyst painst bullish picture as LINK spikes above $7.00 appeared first on CoinJournal.
Ndasi Tata is a Bitcoin entrepreneur from Cameroon, who holds an M.Sc in Blockchain and Digital Currency from the University of Nicosia. He is an advocate of Bitcoin in Africa and uses various social media platforms to promote his ideas and ventures. Tata has a background in state journalism and has established himself as a significant figure in the Bitcoin community.