This Altcoin Seeks Support to Defy the Drop

This Altcoin Seeks Support to Defy the Drop

bitcoin While the price continues to fall, some altcoins are trying to maintain their strength in the price by trying to challenge this decline. While Bitcoin was trading at $31,000 last week, it was trading around $21,000 at the time of the news. Things are not going well for Bitcoin, which even touched the $ 20,178 level in the early hours of Wednesday.

This Altcoin Seeks Support to Defy the Drop

Despite Bitcoin’s sharp fall on Tuesday, LINK Altcoins like this have managed to show good resistance with a positive price action. On Tuesday, Chainlink gained about 10% as Bitcoin lost $3,000 within hours.

However, when the weekly data is examined more closely, it can be clearly seen that LINK has lost 32% of its value in parallel with the decline of Bitcoin. According to CoinMarketCap, LINK was trading at $8.90 on June 8 and was trading at around $6.76 on June 14.

LINK traded at $6.37, up 0.46% in the last 24 hours. Earlier today, the token peaked locally at $6.86 and then dropped as low as $5.88. As LINK price is steadily recovering, it is highly likely to approach the next resistance, possibly located at $8.

According to analyst nicknamed Sheldon Sniper, LINK’s next two resistance levels are located at $8 and $9.64. On the other hand, chainlink It could find support near $6.19.

A trader known on Twitter as Crypto Tony shared his prediction, stating that he is looking for the next support between $4 and $5. He stated that for LINK to hold long-term, it must find a support level below $5.

“The area where I’m looking for a jump for a long-term investment is the $4 to $5 link zone! If we show signs of demand, I will open a position.”

Chainlink announced its staking plans for the second half of 2022 last week. In the new plans, whose goals include ensuring crypto economic security and community engagement: “Stake is a key mechanism aimed at bringing a new layer of crypto economic security to Chainlink,” the note was shared.

You can follow the current price action here.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.

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