Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- A strong bullish rally saw LINK smash the $7 psychological level.
- Open Interest saw a 120% rise over the past 48 hours.
Chainlink [LINK] finally regained the $7 psychological level after a strong bullish move over the past 48 hours. LINK’s aggressive rally on 13 July took it touching distance from the critical resistance level.
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However, bulls were rebuffed twice in quick succession with key retracements keeping price under the $7.2 level.
The launch of Chainlink’s Cross-Chain Interoperability Protocol (CCIP) served as a catalyst for the 22% jump in price that took LINK above the $7.2 and $8.18 resistance levels.
Clearing the $7 hurdle could lead LINK above year-high of $8.79
LINK’s bearish market structure from mid-April kept the altcoin on a downward swing for the majority of Q2. However, the upturn in market sentiment in late June saw LINK rally significantly from the $5 level.
The break in the bearish lower high on 13 July signaled the bullish intent to flip the market structure. Despite the price retracement, bulls flipped LINK bullish with a strong move above the $7.2 resistance level.
With the year high of $8.79 achieved in April firmly in sight, bulls can look to push on after this big break. A retest of the $8.18 support level offers new buying opportunities that could see LINK record a new year high ($8.8 – $9.4).
On the flip side, if
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Author: Suzuki Shillsalot
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