The crypto markets are consolidating after triggering a fine upswing in the past few days. After reaching new yearly highs above $35,000, Bitcoin’s dominance is also rising, heading to new highs. This could hinder the progress of the altcoins, as more than half of the volume is flowing into BTC at present, affecting the value of altcoins like Chainlink.
Regardless of the price movement, the volume remained steady with equal participation from the bulls and the bears. The recent upswing pushed the LINK price beyond a crucial Fibonacci level, which suggests a reversal could be on the horizon. According to a popular analyst, Altcoin Sherpa, the LINK price could probably drop below $10, which could be a better entry option.
As seen in the above chart, the volume has soared in the past few days, causing a notable spike. The price rebounded from the 25-day EMA, which is acting as a strong base at the moment. However, the selling pressure has piled up to some extent, which is enough to halt the prevailing bullish trend. Therefore, the analyst believes the price may eventually slide below $10. As it could be a good entry zone, he suggests the Marines maintain patience.
“Be patient marines, coming down a bit is healthy. $9.50 would be great,”
However, LINK is one of the most bullish altcoins in the market, and if Bitcoin cooperates this weekend, Chainlink could trigger a fine leg up soon. The price may not only rise above $15 but also reach close to $20 before the end of 2023.
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