Chainlink (LINK) investors are currently feeling bullish as the price of the digital asset is expected to soar higher in the coming days. This is according to a chart shared by Ali on Twitter, which was created by IntoTheBlock, a leading data analytics platform for cryptocurrencies.
In the tweet, Ali states that although there is a possibility that Chainlink could fall to $5.60, the chances of it going up are much higher. This optimism is fueled by the fact that a lot of people bought LINK when the price was between $6.38 and $6.93, creating a strong support level for the cryptocurrency in this price range.
Although there’s a chance that #Chainlink could fall to $5.60, the chances of it going up are higher.
This is because a lot of people bought $LINK when the price was between $6.38 and $6.93, which means there is a strong support level at this price range for #LINK. pic.twitter.com/j9NLnu5GoQ
— Ali (@ali_charts) April 28, 2023
The chart shared by Ali shows that Chainlink has been trading within a narrow range for the past few weeks, with a price of around $8. This range-bound movement has led some investors to worry that the cryptocurrency may be losing its momentum.
However, the chart also shows that Chainlink has been building a strong base of support around the $6.38 to $6.93 range, with a large number of investors buying in at this level. This support level could act as a springboard for the cryptocurrency to make a strong move upwards in the coming days.
As of writing, the price of LINK stands at $7.07, which is down 0.8% in the last 24 hours based on data from Coingecko.
Chainlink is a decentralized oracle network that connects smart contracts with real-world data. Its technology has gained popularity in recent years, with many blockchain projects adopting it for their smart contract needs.
Overall, the future looks bright for Chainlink, with many investors expecting the cryptocurrency to continue its upward trajectory in the coming days. However, as with all investments, there is always the risk of price volatility and investors should always do their own research and make informed decisions when it comes to investing in cryptocurrencies.
