- CEO of Eight Global predicts that LINK will target $8.5 or $9.25 if it stays above $7.
- Chainlink is down 6.03% and is trading at $6.70, according to CoinMarketCap.
- The 200-day MA is acting as the immediate support level; the price could be rebounding on it.
Chief Executive Officer and Founder of Eight Global, Micheal van de Poppe tweeted that if LINK will maintain the bullish trend that it acquired during the previous week, then he will target the next resistance levels at $8.5 and $9.25.
Notably, Micheal made this statement when the bulls were dominating LINK. During the last week, LINK was on an uptrend, rising from $5.97 to $7.2 within four days. However, yesterday, LINK crashed from its bullish trend and fell from $7.1 to $6.5 within approximately three hours.
As of press time, Chainlink is down 6.03% in the last 24 hours and is trading at $6.70, according to CoinMarketCap. It doesn’t seem to be supporting Micheals’s bullish overview.
Additionally, the contracted Bollinger bands are now expanding, indicating more price volatility. LINK touched the lower band, and the market seems to have corrected the oversold price of LINK. However, it is still very close to the lower band.
The 200-day MA (yellow line) is titled towards the bottom, indicating that the prices could fall in the future. Meanwhile, the 50-day MA (red line) heading up seems to have lost some momentum as it is aligning itself parallel to the horizontal axis.
Interestingly, the 200-day MA appears to be acting as the immediate support level. Hence the prices of LINK could keep bouncing on the 200-day MA. However, if it were to break the 200-day MA support, then it would risk falling to the support level place between $6.00-$6.2.
If the bulls dominate the market, then LINK could be targeting Micheal’s resistance level 1 ($8.5), a stifling target as of present. And even more stifling would be Micheal’s resistance level 2 ($9.25).
The Relative Strength Index is at 34.10, meaning that LINK is oversold. The market could correct the prices of LINK if the buyers create a demand for LINK.
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