The crypto money market, especially Bitcoin, is having a very difficult time. In the bloodbath of altcoin projects, traders see it possible for Chainlink (LINK) to find the next support at this level.
Despite the decline of the leading crypto, this altcoin came out resistant
As you follow on Kriptokoin.com, the effect of Bitcoin’s free fall continues. The broader cryptocurrency market is in the midst of turbulence. However, several altcoin projects are still going strong. Bitcoin, which was hovering in the $31,000 region last week, dropped to $21,329. In fact, BTC recorded a 24-hour low of $20,178 on Wednesday. With this move, he furthered his free fall over the past two weeks.
Despite Bitcoin’s steep drop on Tuesday, altcoins like LINK held up well with a positive price action. At one point on Tuesday, Chainlink surged nearly 10% as Bitcoin lost $3,000 within hours.
LINK price is in line with Bitcoin’s decline
However, weekly data shows that LINK has lost 32% in line with Bitcoin’s decline. According to CoinMarketCap, LINK was trading at $8.90 on June 8 and around $6.76 on June 14.
LINK is trading at $7.01 at press time, up 7.41% in the last 24 hours. Earlier on Wednesday, the token peaked at $6.86 and then dropped to $5.88. Analysts state that LINK price is recovering steadily. Therefore, they see it as likely to find the next resistance, which they say is probably around $8.
According to the analysis of analyst Sheldon Sniper, LINK’s next two resistance levels are $8 and $9.64. On the other hand, Chainlink token is likely to find a support price near $6.19.
Deeper support in long-term position for altcoin
Meanwhile on Twitter, a trader named Crypto Tony revealed that he is looking for the next support between $4 and $5. He suggested a support level below $5 for long-term holding of LINK. The analyst explained:
The area where I’m looking for a jump for a long-term game is LINK between $4 and $5! I will initiate a position if it shows signs of demand.
Meanwhile, last week Chainlink announced its staking plans for the second half of 2022. Among the goals were providing crypto economic security and community engagement. “Stake is a key mechanism aimed at bringing a new layer of crypto economic security to Chainlink,” the Altcoin team said.
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