Will Chainlink (LINK) Sustain Latest Price Rally, Or Time to Sell?

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  • LINK price gained 9% within the past twelve hours and is ready to sweep $7.49.
  • Market makers will likely target $7.49 because of several high setups at the level.
  • Failure to overturn the $7.49 obstacle into support might catalyze a crash towards the $5.27 equal lows.

Chainlink price reveals an interesting pattern with liquidity on both ends. That makes it challenging to predict its upcoming move, though the LINK’s volatility could be an advantage in some situations.

LINK at Crossroads

Chainlink price printed an enormous range, stretching between $5.27 and $9.32 following a 43% slump from 10 May to 12 May.

As a result, the altcoin retested the $5.27 range low, forming equal lows. LINK also left massive liquidity beneath the level as Chainlink gained 42% during the following fourteen days.

Since then, the alt printed a minor range, stretching between $5.27 and $7.49. Surprisingly, LINK retested the range peak thrice over the following few weeks, leaving massive buy-stop liquidity beyond it.

This particular LINK’s condition reveals liquidity beneath $5.27 and $7.49. That makes these value areas highly coveted. Nevertheless, alternative tokens noted minor rallies following the FOMC conference and are now attempting to detect the next moves.

Reversals of the latest and massive moves appear imminent. However, LINK will likely see such developments after a slight sweep of the hurdle at $7.49.

This liquidity action might stretch into an uptrend if buyers flip the mentioned area into support. That could see Chainlink targeting to fill the price inefficiency (4hr fair value gap) at $7.99.

Meanwhile, enthusiasts should maintain caution as the FOMC rally might witness (premature) reversals. Such a development might send the altcoin back to the 50% retracement zone of the minor range at $6.39.

The altcoin may see a decline to gather liquidity beneath the $5.27 equal lows. LINK recovering beyond $5.27 might see the seemingly bearish narrative signaling an upcoming uptrend for the oracle coin.

Nevertheless, flipping $5.27 into resistance would mean ugly movements for Chainlink prices.

Feel free to leave a reply in the comment section below.

Editorial credit: sdx15 / shutterstock.com


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