- The price of Chainlink noticed a massive drop as Bitcoin tanked below the support zone.
- LINK became a point of worry for the investors as many thought the market would decline further.
- Bitcoin to trade above the 11k barrier and hit the 12k boundary, more investment can stimulate its growth.
The star performer of the cryptocurrency market, Chainlink, incurred a massive drop in early September 2020. Chainlink has outperformed most of the digital assets in terms of figures as it has been doing well for the last 6 months.
Even though all cryptocurrencies saw a major drop following Bitcoin, LINK/USD is on the way to recovery, and new high looks feasible. Although, Chainlink has been failing to sustain the $19 resistance level it did not fall below the support zones until last time.
While most of the coins are recovering previous losses, Chainlink has regained 25% of its price in the last 24-hour window. This bullish wave may enable the coin to reclaim its throne of $19 and if the bulls stay intact, it will be no wonder that it might bounce over $19.
Moreover, the crypto-market has entered in a scenario where it is quite difficult to predict what the next stop will be for the cryptocurrencies. The recent drop has urged many to buy Chainlink as it was a massive opportunity for sure. At the time of writing, the price of Chainlink is trading above $12, correcting previous losses.
Chainlink recovers as the market rally takes control
The technical indicator shows that LINK is getting ready for the next bull run. On the other hand, professional crypto-traders predict that Chainlink will reach the $14 mark and then fall to $10.
Just before the cryptocurrencies experienced a whopping downfall, blockchain analytical platform, Santiment, predicted that Chainlink will drop before surging further providing an opportunity to buy at a low. The firm is confident that Chainlink will do wonders in the near term.
After the massive acquisition, Chainlink has cleared the sense of uncertainty surrounding it for quite some time. Investors are now looking at Chainlink as an abiding investment opportunity.
Bitcoin stays the driving force behind Chainlink
Bitcoin is the most integral factor for the rest of the crypto-market to grow. Therefore, Bitcoin needs to stay in a positive zone so that other cryptocurrencies can thrive. At the time of publishing, BTC/USD stands at an intense state however, it might break the 10k barrier and trade above the 11k zone in the future.
One Bitcoin proponent shared his concern regarding the recent lower move and said:
“$BTC funding and premium index reached the lowest it had been since March 19th yesterday… Except this time we’re retesting a multi-year S/R level with a confirmed bullish break in MS all the way up to the monthly chart…”
Currently, Bitcoin needs to gain momentum and as the inflation nears and investors turn to Bitcoin looking for a new haven, BTC will most likely rise. It is one of the main factors that can stimulate the price of Bitcoin as well as other cryptocurrencies.