Strong

Resistance

Chainlink

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/chainlink-shows-strong-resistance-against-market-correction/" data-wpel-link="internal">Chainlink Shows Strong Resistance Against Market Correction</a><br></p>
<p style="text-align: justify"><strong>Chainlink (LINK)</strong> price prediction experienced fluctuations in investor sentiment due to <a href="https://en.coin-turk.com/ethereum-price-momentum-slows-as-resistance-levels-hold/" data-wpel-link="internal">Ethereum</a>‘s (ETH) early week recovery. The development in the spot ETF is now met with Bitcoin correction. Here are the details in the cryptocurrency!</p> 
<h2 id="resistance-level-in-link">Resistance Level in LINK</h2> 
<p style="text-align: justify">Bitcoin fell for four consecutive days, reaching $67,000, limiting the recovery of many altcoins. However, Chainlink (LINK) <strong>token</strong> increased by 4% today, forming a reverse candlestick pattern and showing significant resistance against the market correction. <strong>Chainlink’s</strong> current rally began in mid-May, recovering from the monthly support level of $12.8. This renewed momentum increased the altcoin by 34.2%, bringing the trading price to $17.23.</p> 
<p style="text-align: justify">The rally on May 16 broke a downward trend line, ending a 2-month correction trend. Currently, even if Bitcoin starts a new correction trend, LINK price is stabilizing above the reversed $16 support level.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-355433 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/05/LINK-3.jpg" alt="" width="912" height="438"></p> 
<h2 id="price-prediction-for-link">Price Prediction for LINK</h2> 
<p style="text-align: justify">The mentioned formation also indicates the formation of a bullish trend. Starting from $16, it shows that buyers are defending this support to target a higher goal. According to the cryptocurrency analytics firm <strong>Santiment</strong>, on-chain <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener" data-wpel-link="exclude">data reveals</a> that for every 1 LINK transaction at a loss, 11 transactions are profitable. This 11:1 ratio is the highest profit-taking ratio since December 8, 2022, which may indicate a strong bullish trend among LINK <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a>.</p> 
<p style="text-align: justify">The mentioned data shows that many participants are taking advantage of profit opportunities at higher price levels, reflecting strong market confidence. Therefore, a potential reversal from $16 could raise the LINK price to $18.67 and then to $20.7. Chainlink (LINK) price increased by 4% to $17.23 amid Ethereum’s recovery and Bitcoin’s decline. The May 16 rally broke the downtrend. On-chain data indicates a strong bullish trend among LINK investors.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/chainlink-shows-strong-resistance-against-market-correction/" data-wpel-link="internal">Chainlink Shows Strong Resistance Against Market Correction</a></h5>

Chainlink Shows Strong Resistance Against Market Correction

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