The new trading month did not change the market situation for Chainlink (LINK) as the price remained stagnant. The last buyers’ strength test inspired confidence and faith in their trend.
A second test by sellers in the range of $22.25-24.8 exhausted them and opened the way for the LINK price to the next target – $38.37. We wrote about this local target in the previous article.
Despite the low trading volumes that have been present in the LINK market since the end of February, the price easily reached the walls of the range of $34.2-35.3. And now it hints at the all-time high update:
Local Critical Point for Chainlink (LINK) Market is Price Range of $25.5
If Chainlink price confidently fixes above $34.2-35.3 it will accelerate growth and increase the chance of testing the global orange trend line in the range of $48-50.
The downside scenario at the moment is the continued consolidation of the market within the triangle. In this case, the Link price will once again test buyers for strength at around $25.5. This potential correction will not change the positive situation in the market and will leave the initiative to buyers.
The BTC price movement stopped on 30 March, and the fall of its dominance below 60% in the crypto market allowed buyers to start their game. While the BTC price is in the 4% consolidation, LINK buyers were able to raise the price in 7 days by 26%.
Of course, when BTC sellers try to lower the price below the consolidation range, the LINK market reacts negatively. However, dependence on BTC has significantly decreased.
LINKBTC Chart Indicates Upcoming Rally by Summer
However, should the growth wave in the LINK market be limited to the range of $48-50? Thus, statistics suggest that the test of the global orange trend line is accompanied by the beginning of a deep correction of Chainlink price. However, a powerful counter-argument is the LINKBTC pair chart:
Buyers were able to confirm the strength of the range 0.00039-0.00044. The wave fall that began on the LINKBTC chart from August 2020 is coming to an end.
The first, most modest target in the medium-term prospect of LINKBTC is in the range of 0.001. LINKBTC market growth by 70% in a favorable situation with BTC will give Chainlink (Link) a real rally by the end of the summer. Let’s see if sellers will be able to change the promising and rosy situation in the market in April.