analyst points to what could happen next for LINK

Chainlink (LINK) prices rose sharply on Thursday, surpassing $ 7.20 as the crypto market gained positive momentum across risk assets.

At the time of writing, the LINK / USD pair is trading close to $ 7.17, with weekly gains up to 5% and 30-day gains up to 10%.

Chainlink price forecast

According to crypto analyst Ali Martinez, the LINK / USD pair could continue to rise in the short term if the Bulls are above recent support levels by about $ 6.90.

Analysts of Into The Block Money in and out around the price (IOMAP) A model that suggests that LINK could be $ 10.00. On-chain metrics show massive support in zones just below $ 7.00.he Tweet:

“”Transaction history shows that #Chainlink formed a major demand barrier at $ 6.70 and over 7,000 addresses purchased nearly $ 301 million in LINK. If this level of support is maintained, @ intotheblock’s IOMAP will show little or no resistance first, so # LINK is likely to spike to $ 10... “

Cryptographic overall benefits

The profits of LINK / USD came in the big move of Bitcoin (BTC) and Ethereum (ETH), with the two top cryptocurrencies exceeding $ 24,000 and $ 1,700 respectively.

In particular, BTC crossed the resistance zone after falling below $ 22,000 on Wednesday after the Federal Reserve raised interest rates by 0.75%.

On Thursday, the United States plunged into a technological recession following two consecutive negative gross domestic product (GDP) growth entering at -0.9%.

The US economy is in a technological recession as GDP shrinks in the second quarter. Second quarter GDP declined at an annual rate of 0.9% inventories, and housing investment was deducted from growth after a 1.6% decline in the first three months of the year. pic.twitter.com/5cXb6uNyWT

Holger Zschaepitz (@Schuldensuehner) July 28, 2022