- LINK suffered a downtrend of 3.29 percent in the last 24 hours.
- Chainlink has held up better than most altcoins during the current market conditions.
- The community wonders if Michael Van de Pope’s positive outlook for LINK is justified.
The current market conditions have been tough on most altcoins, with LINK being no exception. The token has lost 3.29 percent in the last 24 hours. However, popular trader Michael Van de Pope is bullish on LINK, saying that the token could reach $9 soon. ChainLINK has been trading within a range of $6.5 to $8 in the last 30 days and the coin recorded an uptrend of more than 17 percent.
In a tweet, Van de Pope said that LINK could reach $9 as the current price of $7.69 is acting as the immediate support and LINK could follow BTC’s recovery seen earlier today.
LINK opened the daily trading session at $7.69 and reached the daily high of $7.82 before correcting lower. The coin found support at $7.65 and bounced back to the current trading price of $7.69. The immediate resistance is at $7.82 and if LINK manages to break above this level, it could test the next resistance level at $8. The Relative Strength Index (RSI) indicator is currently at 54 percent, which shows that the coin is neither overbought nor oversold.
The MACD indicator is also slightly above the red signal line which supports Van de Pope’s bullish forecast for LINK. The token has lost 3.29 percent in the last 24 hours. However, the technical indicators on the daily chart are giving a bullish outlook for LINK.
Michael Van de Pope’s positive outlook for LINK is based on the fact that LINK has held up better than most altcoins during the current market conditions. The technical indicators are also giving a bullish outlook for the coin.
The moving average lines are important technical levels to watch for in the near term as they can provide support and resistance for LINK. The immediate support is at $7.69 and if LINK manages to break above the $7.82 resistance level, it could test the next resistance level at $8. So LINK’s price is close to the 200-day moving average line of $8.02 and a breakout above this level could see the token testing the next resistance level at $9.
On the downside to invalidate the bullish outlook, if LINK cannot sustain the current price level and breaks below $7.69, it could retest the support at $7.65. A further break below this level could see LINK testing the next support at $7.58.
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