Like many other altcoins, Chainlink (LINK) faced a strong correction in September and October after the summer highs were set. From its summer high and all-time high of $20, set in the middle of August, LINK corrected more than 50%, bottoming around $7. As of this article’s writing, Chainlink trades for $10.86, down around 4% in the past 24 hours.
Despite this local weakness, analysts remain bullish on the popular <span class="wpg-tooltip-term-title">Altcoin</span></h3><div class="wpg-tooltip-content">Altcoin is defined as any cryptocurrency except for Bitcoin. “Altcoin” is a combination of two words: “alternative Bitcoin” or “alternative coin”. There are over 1,500 altcoins with many more planned for release.<p class="wpg-read-more"><a href="https://www.newsbtc.com/dictionary/altcoin/">» Read more</a><p></div>”>altcoin. This is for both technical and technological reasons: LINK’s chart looks as though it has put in a medium-term bottom while development activity and partnerships ramp up.
Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom
Chainlink Is Poised to Rocket Higher, Analysts Say
Analysts think that Chainlink has room to extend to the upside after it managed to hold the $10 region. An analyst shared the chart below recently, showing that the cryptocurrency’s ability to hold the high-$10 range suggests it will move towards $13. His chart specifies that $10 is a key level for LINK to hold as support:
“Link looks pretty bottomed out to me. Tapped daily support in grey and now working on reclaiming Monday’s low. Think