Chainlink, which has already passed multi-year consolidation, appears to have entered another similar phase. The recent crash caused the price to drop more than 25%, but the bulls surged in time, pushing the price up to some extent. However, LINK price is consolidating around key support levels, which has left market participants confused about where the price will move next.
LINK price has been trading fairly so far as it represents a profit of more than 2x. Short-term price action suggests that bulls are working to maintain levels above $18, indicating that a rise beyond $20 could be pre-programmed if LINK price registers a bullish breakout above $19.1 and holds steady through the weekend.
LINK price appears to be following a similar trend after massive bullish or bearish action, indicating that the bulls could be accumulating strength for the next price action. The price is stuck between the 50 and 200 day MA levels, which act as strong resistance and support levels. On the other hand, the MACD is closer to issuing a buy signal, as both levels are about to undergo a bullish crossover. This suggests that LINK price could see a bullish weekend, which could elevate levels beyond $20.
Market participants appear to have shifted their attention away from the token, so the price remains stuck in one region. However, Chainlink is a standard when it comes to bridging the gap between Web 2 and Web 3, such as tokenizing real-world assets. So we can consider it a sleepy “win” that could soon surprise everyone with more than a double rally.