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  • Fri. Nov 25th, 2022

Chainlink price: Analyst painst bullish picture as LINK spikes above $7.00

ByNdasi Tata

Jul 29, 2022
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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%.

The post Chainlink price: Analyst painst bullish picture as LINK spikes above $7.00 appeared first on CoinJournal.

Ndasi Tata

Ndasi Tata is a Cameroonian-born Bitcoin entrepreneur and former state journalist. He earned an M.Sc from the University of Nicosia in Cyprus in Blockchain and Digital Currency. He uses a variety of social media channels to promote his ideas and projects , and he's a major proponent of Bitcoin in Africa.

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