- Yesterday, LINK was retesting the support level at $7.539 in anticipation of the FOMC announcement.
- At press time, LINK was worth $7.97 after its price surged by more than 6% over the past 24 hours.
- If LINK can close today’s daily candle above the $7.539 support, it may look to challenge the next major resistance level at $8.420.
A promising retest was underway for Chainlink (LINK), showing considerable strength and potential, according to a Twitter post shared by renowned crypto trader, Michael van de Poppe yesterday. The question on everyone’s mind was whether this latest retest would yield different results.
The market was experiencing the pre-FOMC fear phase, where caution and uncertainty prevailed. Additionally, many experts anticipated that this apprehensive period will transition into a period of upward momentum after the FOMC concludes.
This seemed to have been the case as many cryptocurrencies saw their prices rise over the past day of trading. LINK was one of these tokens as its price surged by more than 6%., according to CoinMarketCap. This left the altcoin trading hands at $7.97 at press time.
This meant that LINK was trading much closer to its daily high of $8.03 than its 24-hour low of $7.48. LINK’s 24-hour triumph also allowed it to strengthen against both market leaders, Bitcoin (BTC) and Ethereum (ETH), by about 5.37% and 5.12% respectively.
LINK had dropped below the support level at $7.539 highlighted in van de Poppe’s tweet on Tuesday. It then proceeded to close the day’s trading session below the mark at $7.392. Yesterday saw LINK close back above the support level at $7.742. In the past 24 hours, the altcoin’s price has continued its bullish momentum to trade at its current level.
If LINK is able to close today’s daily candle above the aforementioned $7.539 support, then it may look to challenge the next major resistance level at $8.420 in the next couple of days. On the other hand, a daily close today below $7.539 may put the altcoin at risk of falling to the crucial support level at $6.819 in the coming week.
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