Chainlink price, currently trading under $18, has the potential to break out and note a rally, which could mean considerable profits.
However, there are some resistances in the path of this rise that might limit the altcoin’s growth.
Chainlink Investors Turn Optimistic
Chainlink price, after falling for the past two weeks, is attempting to initiate a recovery again. Although it has been struggling for the past few days, by the looks of it, this is about to change.
LINK holders have shown a sudden rise in interest in the asset, which is evident from the increased participation across the network. Active addresses shot up by nearly 104% on the daily timeframe, hitting a two-month high.
This shows that investors are expecting an increase in price down the line.
This is furthered by the fact that nearly 38.55 million LINK tokens are inching closer to the point where they become profitable. This $684 million worth of supply was bought between $17.49 and $18.73. Consequently, investors would choose not to sell their holdings for now until another $684 million worth of profits are gained.
LINK Price Prediction: Crucial Barrier Stands in the Way
Chainlink’s price trading at $17.80 is testing the local support of $17.85, bouncing off of which would push the altcoin above the $18.73 resistance. As the aforementioned supply becomes profitable, LINK would note further upside.
Read More: How To Buy Chainlink (LINK) and Everything You Need To Know
However, losing the $17.85 support could trigger a decline to the $16.95 support floor. This support has undergone multiple tests in the past, and breaching it would invalidate the bullish thesis. Consequently, Chainlink’s price could fall to $16.00.
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