During the early Asian trading hours, Bitcoin price started a sharp recovery and is currently trading near $42,300. Similarly, most major altcoins are showing a few positive signs. ROSE and NEAR are the top performers with 11% gains.
chainlink’s charmed run during the crypto market meltdown seen last week appears to have come to a crashing halt. The token had seen its price rise from $20 to just under $29 in a week, notching up close to 50% gains while the rest of the market was under aggressive selling pressure.
However, things appear to have cooled off with the start of the week, following a selloff that has taken the Chainlink price back to the $26 mark.
LINK Price Action
Following a selloff that sent the Chainlink price back to $26, things appear to have calmed down this Monday. The projected measured move from the triple bottom’s neckline break appears to have been limited after the rejection at $28.76.
At the time of writing, LINK is trading at $27.41. LINK/USD faces a hurdle at the resistance zone of $28. Already, the prices have retraced since reaching $28.5 on January 9. Thus, LINK/USD must clear the $28 level for the continuation of the bullish momentum.
LINK/USD is likely to retrace, which could take the price to the $25 support. In case the altcoin fails to hold this level it could test the next minor support at $23, or lower at $20.
Chainlink to Trigger a Rally!
Popular analyst Benjamin Cowen tells his YouTube subscribers that Chainlink is the ‘light’ when the crypto markets are bearish. According to the analyst, altcoin’s performance is inversely tied to Bitcoin’s price movement.
“You can see that we actually have broken out (LINK/BTC). We have broken out to the upside. If we look at it on a log scale, that’s what it looks like… So even if you looked at the market like that, you could argue that we’ve still broken out even on a log scale. Now, of course, we would like to see weekly closes. We don’t want it to just be a wick.”
LINK/Bitcoin will most likely bleed if Bitcoin is bullish. LINK Price is currently in a position to begin its bull cycle versus the top cryptocurrency (LINK/BTC), with Bitcoin having pulled back over 40% from its all-time high at $69,000.