- LINK price bounces off the trading range’s midpoint, indicating more surges.
- Chainlink will likely encounter an arduous resistance zone near $33.62, capping the upside move.
- Breaching the support barrier at $18.64 will ruin the bullish case.
Chainlink (LINK) price function indicates extended upside journey, supporting a technical viewpoint. On-chain data also shows the upward path is without substantial barriers.
LINK Inches towards Its ATH
Chainlink’s price has hovered within a range that extends between $13.38 and $38.46 for almost six months. The latest downside move saw LINK shedding 55% from the $38.46 range high. Nevertheless, the downswing formed a base for a massive uptrend, gaining 65% to the token’s current level – $26.72.
For now, the LINK price might bounce off the 50% retracement zone at $25.92 and launch a 26% surge to hut the weekly resistance zone at $33.62. Though unlikely, the LINK price might swing higher towards $38.46, the range high.
The GIOM model by IntoTheBlock appears to support the upswings for LINK price. The on-chain metric indicated fewer resistances plaguing the altcoin’s upside road. The only underwater investors’ cluster that might pose a slight threat stands at $29.85. Here, about 62,470 addresses that bought 29.72 million Chainlink coins remain out of money.
Another thing backing LINK’s bullish case is the latest surge in transactions worth more than $100,000. These transfers have amplified to733 from 276 over the last six months. The 165% increase in large transactions indicated institutional investors’ sentiment, indicating a bullish picture of LINK price.
Though Chainlink displays a bullish outlook now, a possible surge in selling momentum that knocks LINK beneath the $25.92 midpoint will delay the anticipated upswing. If the downside strength builds up, the altcoin will form a 4hr candle close beneath $18.65, creating a lower low.
That would dent the current upward trend for the token. Furthermore, it will ruin the highlighted bullish case for LINK and possibly open the doors to retesting the range low near $13.38.
For now, LINK seems ready to extend its upside actions towards the resistance at $33.62. That backs the technical viewpoint. Furthermore, on-chain metrics show LINK’s upside road does not have challenging obstacles.