Macro uncertainty within the global markets has had a trickle-down effect, causing Bitcoin to see consolidation and weakness, which has, in turn, led Chainlink and other altcoins to see similar price action.
While looking towards LINK’s recent price action, the cryptocurrency has been caught within a trading range between $11.20 and $13.20, with these two levels being visited and respected on multiple occasions throughout the past few days.
One analyst is now noting that where the entire market trends in the near-term will likely depend on Bitcoin’s reaction to its range boundaries at $10,000 and $10,500.
This could influence Chainlink, helping the crypto to either smash above its $13.20 resistance or plunge below $11.20.
One analyst is noting that he believes it is likely that LINK sees further near-term upside.
He is specifically looking towards the consistent impulses and corrections that it has formed, noting that these are typically followed by strong upside movements.
Chainlink Shows Signs of Weakness