Chainlink (LINK) has not been able to gather any remarkable momentum in recent times after its parabolic rally some weeks ago. Its performance is such that it has been trading beneath $8.00 price level, as its bulls try to catalyze more bullish pressure.
A look at the mid-term time frame shows that it is still in bullish area in spite of its near-term weakness signals. At the moment, it has risen from its 30-day lows of $4.40 established towards the end of June.
According to analysts, traders should not be too excited over LINK’s near-term outlook while several individuals have said that it could take some time before it can attain new lifetime highs.
The crypto’s buyers need to scale through $8.00 price level to secure remarkable support, but there is still a significant bearish pressure at this level. At press time, the price of the cryptocurrency is around $7.65, where it has been trading within the previous twenty-four hours.
It tried to move above $8.00, but the bearish pressure at the level was very remarkable thereby limiting its attempts. A renowned analyst spoke about its recent rejection on Twitter, noting that he anticipates a dip towards an area between $7.16 and $7.36 before it can find any notable support.
Furthermore, the analyst said that if LINK moves below this level, it would cancel out all the factors working in buyers’ favor. About three weeks ago, the cryptocurrency attained a new lifetime high at $8.60 but it was unable to sustain the rally.
Hence, LINK needs to clear the critical barrier at $8.00 to have a rally towards these highs, says an analyst. The analyst continued that if it fails to do so, there could be more moves to the downside.
In conclusion, based on the crypto’s macro trend still in bullish territory, its uptrend might be far from being finished.