The analyst has his eye on the intraday chart for a prospective reversal setup above the $15.85 mark, which he believes could be the first sign of a bullish intent. However, a consistent surge above $16.80 would signal a more solid breakout and a robust long opportunity, implying that the buyers are starting to dominate.

In his latest evaluation, CRYPTOWZRD noted that both LINK and LINKBTC ended the day with uncertainty, as the daily candles depicted weakness in the price trend. A surge in purchasing pressure is required from these levels to set a new bullish trend. Particularly for LINKBTC, he suggested that a potential upward push could come into play as Bitcoin dominance approaches its resistance target.

The analyst mentioned that the $16 level has turned into a critical support zone for LINK. A bullish reversal from this point could induce impulsive price movement, possibly propelling Chainlink towards the $19.50 resistance target in the short term.

If Chainlink ascends decisively above $19.50, CRYPTOWZRD forecasts a more considerable rally that could thrust the asset towards the $30 resistance level. These bullish outcomes depend on steady upside pressure and a sound price structure to back the shift.

Currently, the market is on the lookout for the formation of the next trade arrangement that could provide impetus for the next substantial move. CRYPTOWZRD advised that the best strategy at the moment is to wait for a well-structured chart pattern or a clear setup that offers a high-probability trade entry.

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Just over a month ago, ETH experienced a sharp price drop to its lowest level in over a year, pegged at $1,400 on April 9. Although it showed some recovery in the following weeks, it faced challenges in confidently surpassing the $1,800 mark. This changed with the recent positive macro developments and the implementation of the Pectra upgrade, which led to a sharp increase in ETH’s price.

On a daily basis, ETH has shot up by nearly 9%. However, its weekly surge is even more remarkable – nearly 40%, pushing its price well beyond the psychological resistance of $2,500.

Other altcoins have followed in ETH’s footsteps with significant price gains. DOGE, for instance, has surged by over 16% and is currently trading above $0.24. ADA, AVAX, LINK, SHIB, HBAR, TON, and PEPE have also shown impressive growth. PI, UNI, and NEAR have recorded double-digit price increases over the past day, while LEO stands out as one of the few tokens in the red.

The total crypto market cap has swelled by an additional $70 billion and now stands at $3.470 trillion, according to CG.

While Bitcoin (BTC) remains green on a daily scale, its gains are less dramatic. BTC has seen a modest increase of less than 1% and is trading above $104,000, after being halted at $105,000 earlier. On a weekly scale, BTC has leaped by almost 9%, breaking the $100,000 barrier for the first time in over three months.

However, BTC’s dominance over the altcoins has experienced a significant decrease. The metric, which was as high as roughly 62% a few days ago, has dropped to under 60% as of now. Despite this, BTC’s market cap continues to rise and is currently pegged at $2.070 trillion on CG.

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Bitcoin (BTC), having crossed the significant $100,000 mark on May 8th, remains steady. This rally caused a spike in short liquidations, amounting to $837.80 million, the highest since 2021. The rally also positively impacted several major altcoins.

Ethereum (ETH) led the altcoin rally, with a rise of approximately 22% on May 8th, resulting in a $328 million liquidation of Ether short positions. However, Bitcoin is likely to encounter significant resistance near its all-time high of $109,588. During retractions, it’s crucial for traders to maintain the price above $100,000 to sustain the bullish momentum.

The cryptocurrency market predictions for the top 10 digital assets are as follows:

Bitcoin might continue its upward movement, with the potential to breach its all-time high. The altcoins could be gearing up for a short-term rally.

Bitcoin closed above $100,000 on May 8, indicating a bull market. A short-term pullback is possible due to the relative strength index (RSI) suggesting an overbought level.

Ethereum soared above $2,111 resistance on May 8 and reached nearly $2,550 on May 9. If the price drops from $2,550 but finds support at $2,111, it indicates a positive sentiment.

XRP has reached a crucial near-term resistance level. A break and close above this level could signal a potential trend change.

BNB made an upward move on May 8, breaking the $620 resistance. If pressure remains and the $644 resistance is broken, BNB could rise to $680.

Solana (SOL) closed above $153 resistance on May 8, signaling a bullish trend. If the price drops from $180 but rebounds off $153, it suggests that buyers are forming a higher low.

Dogecoin (DOGE) reached the overhead resistance at $0.21. If the price drops from $0.21 and breaks below the moving averages, the coin may continue to oscillate within the range.

Cardano (ADA) completed an inverse head-and-shoulders pattern on May 8. If the price remains above the neckline, ADA could surge towards $1.01.

Sui (SUI) rose above the $3.90 resistance on May 8. If the price maintains above $3.90, SUI could rally to $5.

Chainlink (LINK) completed an inverse head-and-shoulders pattern on May 8. If the price drops sharply and breaks below the moving averages, the pair may remain within the channel for a while longer.

Avalanche (AVAX) reached the overhead resistance of $23.50 on May 9. If the price drops sharply from $23.50 and breaks below the moving averages, AVAX may continue to oscillate within the range for a few more days.

Disclaimer: This article does not constitute investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Through the utilization of Cost Basis Distribution (CBD), a criterion that unveils the prices at which investors procured their assets, Glassnode has shed light on potential zones of resistance or support in the LINK market. According to the firm’s data, two key price levels, $16 and $14.6, demonstrate high accumulation activity and feature long-standing investors who have maintained activity since August-October 2024.

In an examination of transactions at the $16 price point, it was noted that investors have strategically repositioned by actively accumulating during downtrends. This trend was evident during the price depreciation from $29 to $19 in December, the correction to around $18 in February, and most recently when the price hit a new low of $12.70 on March 11. Such recurring transactions speak to the presence of high-conviction holders at $16.0 who have strong long-term confidence in LINK and are thereby less prone to selling their holdings.

On the other hand, LINK holders at $14.6 have demonstrated a less active but timely accumulation. These investors have increased their holdings during key phases such as when LINK traded at $17 and $28 in December, at $25 in January, and on March 15 following a significant price gain from $12. These findings indicate that current LINK holders are not swift money allocators but are patient and confident about future price accumulation.

At the time of writing, LINK is trading at $14.0, just below the key cluster level at $14.6. The closeness to this accumulation zone suggests the market is at a crucial crossroads. However, the data from Glassnode indicates that holders at the $14.6 level are not fast money traders and are likely to bolster their position through further accumulation. If this optimistic scenario plays out, LINK could reclaim the $14.6 and $16 levels, which could act as crucial support structures in a potential market rebound.

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Chainlink has seen a 9.1% decline in the last 24 hours, revisiting the crucial $14 support zone. The digital asset climbed 15.7% from last Friday’s nadir to reach an 18-day peak of $16 on Wednesday, temporarily recouping 35% from its monthly low.

However, the recent market downturn has checked the advancement of most digital currencies. Bitcoin (BTC) has retreated to the $83,700 mark, while Ethereum (ETH) has slipped to the $1,860 support zone.

Today, LINK slid from $15 to $14.07, erasing all its Wednesday gains. Analyst Ali Martinez previously observed that the digital asset has been tracking an ascending parallel channel since July 2023.

For the past 18 months, Chainlink has oscillated between the pattern’s upper and lower boundary, each time scaling to the channel’s upper trendline after a retest of the lower zone before falling back.

With its current market performance, the digital asset is revisiting the channel’s bottom boundary, implying a potential rebound to the upper range if it maintains its current price levels.

Simultaneously, Rekt Capital noted that the token is probing its multi-month symmetrical triangle pattern, which could dictate the crypto’s next move. As the analyst expounded, Chainlink was mainly consolidating within a “Macro Triangular market structure” throughout most of 2024 before breaking out of the pattern during the November market surge.

During the Q4 2024 breakout, the digital asset reached a two-year peak of $30.9 but was unable to sustain this level in the weeks that followed. Consequently, it has been on a downward trajectory for the past quarter, with LINK’s price reverting back into the Macro Triangle.

Rekt Capital expounded that Chainlink’s main objective is to retest the pattern’s apex to ensure a successful post-breakout retest. The analyst also highlighted that, similar to 2021, LINK is operating within a historical demand area, around $13.5 – $15.5, validating this zone as support.

Based on this, the digital asset must successfully maintain this area to “position itself for upside going forward.” Moreover, the retest is vital for regaining the peak of its triangular market structure. Breaching and reclaiming that level would “exact a successful post-breakout retest” and set the price to aim for the $19 resistance in the future.

The analyst ended by saying that if LINK concludes the month above the triangle top, it “would position price for a successful retest, despite the downside deviation.” At the time of writing, Chainlink is trading at $14.09, marking a 6.9% reduction in the monthly timeframe.

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Bitcoin’s price took a nosedive, starting off Sunday morning and escalating into Monday, pushing the digital currency to a three-week low, roughly $91,000, on most trading platforms. Altcoins suffered a worse fate in the past 36 hours, with many experiencing double-digit percentage drops.

Bitcoin Asserts Dominance

Just three days ago, the leading cryptocurrency was valued at over $106,000, seemingly unaffected by the US Federal Reserve’s decision to maintain the current interest rates. Its price began to decline on Saturday, reaching $102,000, marking the beginning of a harsher correction period.

After the US President Donald Trump imposed tariffs on Canada, Mexico, and China on Sunday, the market reaction was swift. Bitcoin’s price fell from $102,000 to $97,000, where it remained for most of the day. The downward trend continued into Monday, with a sudden drop of $6,000, sending Bitcoin’s value under $92,000—a $10,000 loss since Sunday.

Although Bitcoin has since recovered slightly to over $95,000, the market cap has fallen below $1.9 trillion. Despite this, Bitcoin’s dominance over altcoins has risen to nearly 59% on CoinGecko, representing a 3% increase in just one day.

Altcoins Take a Hit

The rise in Bitcoin’s dominance indicates a severe blow to altcoins. Ethereum, for instance, fell from over $3,000 to below $2,300 before stabilizing close to $2,600. Solana and Tron are among the few altcoins that experienced a single-digit percentage drop within the last 24 hours.

In contrast, BNB, XRP, DOGE, ADA, LINK, AVAX, XLM, TON, SUI, HBAR, and SHIB saw dramatic double-digit percentage declines, with ADA suffering the most significant loss—up to 23%. The total crypto market cap shed over $400 billion at its lowest point and now hovers just above $3.2 trillion on CoinGecko.

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Critical Metrics for Chainlink’s Growth Chainlink, known for its decentralized oracle network, is seeing widespread adoption, particularly with its Chainlink Cross Chain Interoperability Protocol (CCIP). This adoption is reflected in several key performance metrics:

• Daily Active Addresses: There’s been a noticeable increase in daily active addresses, now at 4,160, marking a 19.05% rise in the last 24 hours.
• Whale Transactions: The volume of large transactions has surged to $254.24 million, up by 2.4% in the same timeframe.
• Address Profitability: The percentage of profitable addresses has reached 66.88%, equating to 466,060 addresses, indicating a positive sentiment among holders.

Chainlink’s Potential to Hit $20 Given the recovery and improvement in Chainlink’s fundamental metrics, speculation is growing about its potential to reach the $20 mark. This price level was last seen on January 21, 2022, and achieving it again would signify a notable milestone, further fueled by the momentum from Chainlink’s staking feature introduced last year.

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Potential Market Impact: The accumulation of LINK by whales can lead to increased market confidence, potentially attracting more investors to Chainlink. This could result in a positive price action for LINK, especially if the trend continues and is accompanied by favorable market conditions.

Chainlink’s Market Position: As a leading oracle network, Chainlink plays a crucial role in the broader blockchain ecosystem. A price rally in LINK could reflect the growing importance of decentralized oracle networks in supporting advanced smart contract functionalities.

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Such integrations are pivotal for Chainlink. They not only amplify the demand for its native token, LINK, but also set the stage for potential growth. What’s particularly intriguing is that many of these integrated projects are in their nascent stages. As they grow and evolve, they could further bolster LINK’s prospects.

Consider Base: As this protocol begins to onboard a myriad of decentralized applications (dApps), the demand for Chainlink’s services is likely to surge. Given Chainlink’s relentless pursuit of partnerships since the year’s onset, the potential for LINK’s growth seems promising.

The Potential Bullish Trajectory for LINK The crypto community is buzzing with optimism regarding LINK’s future, especially in light of these strategic integrations. Many believe that these partnerships could be the catalyst for a significant bullish rally for LINK.

Despite the broader market’s current downtrend, LINK’s resilience shines through. At present, it’s priced at $7.46, reflecting a minor dip of 0.43% over the past day. However, its performance over the past week tells a different story, with the token witnessing a growth of over 4%.

Chainlink’s Undervalued Potential in Web3.0 In the evolving Web3.0 landscape, Chainlink stands out as a potentially undervalued gem. The continuous expansion of its partnerships and integrations has caught the attention of analysts. Many are now forecasting a bullish price trajectory for LINK in the near future, backed by its consistent growth and strategic alliances.

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Chainlink’s LINK token is exhibiting promising indicators, especially with its price maintaining momentum above the $7.20 mark. The potential for further growth is evident if the price remains steady above the $7.30 support threshold. After experiencing a brief downward trend, LINK found its footing around the $6.95 mark against the US Dollar. This resilience led to a notable surge, setting it apart from other cryptocurrencies like Bitcoin and Ethereum.

The LINK token witnessed a significant upward shift, surpassing resistance levels at $7.10 and $7.20. This bullish trend was further solidified with a break past a major bearish trend line, which had resistance close to $7.35. The culmination of this positive trajectory saw the LINK token nearing the $8.00 zone, indicating a robust market presence.

Potential Hurdles and Support Zones

While LINK’s price trajectory is optimistic, it faces potential resistance around the $7.80 mark. The primary resistance zone is situated close to $7.95. Should the LINK price break past this resistance, the market could witness a fresh surge, potentially reaching the $8.20 and $8.255 thresholds. Beyond this, a resistance at $8.50 looms, with a breakthrough possibly leading to a revisit of the $8.80 mark.

However, if LINK struggles to surpass the $7.95 resistance, a downward correction might be on the horizon. The initial support in such a scenario lies around the $7.50 mark. Further support is anticipated near the $7.30 level, which is crucial for maintaining the current bullish momentum. A dip below this could see the price testing the waters at $7.10, with further declines potentially pushing it towards the $7.00 mark.

Technical Analysis Overview

From a technical standpoint, the MACD for LINK/USD indicates a slowing momentum in the bullish territory. Meanwhile, the RSI for LINK/USD remains above the 50 mark, suggesting a positive sentiment among traders. Key support levels to watch out for include $7.50 and $7.30, while major resistance zones are pegged at $7.80 and $7.95.

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