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Prominent analyst Ali Martinez has pointed out that a surge in purchasing pressure at about $12 would act as a trigger for Chainlink ($LINK) to recover.
Technical indicators indicate that if $LINK is able to maintain above $12, it may initiate a substantial upward advance. This price level is currently regarded as a strong support zone.
At the press time, the coin is trading at $12.83, up 2.24% as compared to the same time last day.
Martinez Sees $LINK Hitting the $19 Level
Martinez suggests that $19 is the next crucial resistance level for $LINK to keep an eye on. The price would successfully recover from recent lows and pave the way for further gains if it could break through this level.
Increased purchasing activity and possible price increases for Chainlink would result from a surge above $19.
The expert does caution, though, that if the $12 support is broken, there may be a downside risk and the price may return to lower support levels.
As a result, traders are encouraged to keep a careful eye on price movement between $12 and $19.
Also Read: Analyst Predicts Chainlink ($LINK) Could Surge to $17 with Move Above $15.50
Chainlink’s RSI Shows Neutral Market
Chainlink ($LINK)’s technical indicators are now displaying conflicting indications. Given that the Relative Strength Index (RSI) is circling neutral levels, $LINK is neither overbought nor oversold, suggesting that there is still opportunity for price movement in either direction.
Although the 50-day moving average (MA) is showing a little upward trend, which indicates short-term bullish momentum, it has not yet made a clear break through important resistance levels. The 200-day moving average, on the other hand, remains largely flat, suggesting a more neutral long-term prognosis for $LINK.
With traders keeping a careful eye on $LINK’s price action for a breakout or reversal near important support and resistance levels, these combined technical indicators indicate that, despite the possibility of a short-term rise, the price action is still unclear.
Chainlink Price Hangs on DeFi Growth
A number of reasons could raise Chainlink’s ($LINK) price in the near future. First, the increasing need for decentralized finance (DeFi) is a major factor. Chainlink’s oracle services are necessary to supply smart contracts with safe, up-to-date data, which puts $LINK in a position to gain from DeFi’s growth.
Furthermore, a firm foundation is established by the buying pressure around the $12 support level, which may lead to a comeback and push the price toward higher resistance levels like $19.
Last but not least, Chainlink’s continuous collaborations and integrations with significant blockchain initiatives contribute to the token’s increased usefulness and uptake, offering $LINK even more room for short-term growth.