The Chainlink network’s native token, LINK, has maintained a comparatively stable performance during the recent cryptocurrency market upswing. The token experienced a minor price dip from its resistance high, with a current trading value slightly below $20.
Testing Resistance and Potential Correction
Bitcoin‘s movement towards a possible correction from its $52,000 level has put the spotlight on LINK’s ability to hold above its $17 support. Earlier, Chainlink’s token enjoyed a substantial recovery, surging 53% in one month from its lower support level to a high resistance point. Yet, encountering resistance led to a slight price regression, coinciding with a key Fibonacci retracement mark.
On-Chain Dynamics and LINK’s Market Position
An observed flag pattern on LINK’s 4-hour chart suggests a potential consolidation period could be underway, as buyers gather momentum. Notably, on-chain analysis by Lookonchain indicates a significant withdrawal of LINK tokens from Binance, hinting at possible strategic moves by a single entity or group.
As Chainlink’s token navigates the market, any substantial breakout above its current consolidation pattern could signal a robust recovery. Market specialists project that surpassing this barrier might propel LINK’s price upward by 15%. Despite facing resistance-induced setbacks, Chainlink still exhibits notable resilience, with experts watching for signs of an impending price uptick.