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On yet another occasion, Chainlink (LINK/USD) shows punching below the knee. LINK is trading within a tight range with bearish pressure pushing the cryptocurrency below the uptrend line. The token has since recovered and is building strong bullish momentum. what happened?
LINK is up more than 7% on Friday, bringing its total profit for the week to 20%.Profit came after significant cryptocurrency news for chain link. Chainlink has partnered with Seedify Fund, according to Thursday’s announcement. This entity is the launch pad and incubator for major games, metaverses, and NFTs. Seedify Fund will rely on Chainlink’s oracle services to fuel the growth of the NFT and GameFi sectors.
Besides, Chainlink staking remains an important price trigger for boosting native tokens and increasing adoption.As of the end of October, the number of addresses holding at least 100,000 LINK reached 459, 2017 The best since the year. The increase in investment reflects optimism about Chainlink staking expected by the end of 2022. We can support the price towards the end of the year.
Source TradingView
Technically, LINK broke the $8.0 resistance with a strong push. The cryptocurrency is currently trading at $8.4. Token buyers are active, with RSI at 65, close to overbought territory.
The main bullish indicator is the price recovery above the 200-day moving average. The last time LINK traded above the long-term moving averages was mid-January 2022.
A breakout at $8.0 will be confirmed by closing the candle above the key resistance. This puts $8.0 into the support zone and encourages more buyers to snap their tokens.
Conversely, in the less likely scenario, LINK closes below $8.0. In such cases, the price may consolidate before gaining momentum above the resistance again.
Buyers need to be patient before buy link. The bottom line, though, is that LINK is about to turn bullish.
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