Chainlink’s price has been caught within a tight and prolonged consolidation phase throughout the past few days and weeks, with buyers and sellers being unable to gain any clear control over its mid-term outlook.
Its price action has been moving in lockstep with that of Bitcoin, signaling that it may be losing the independence that it has seen throughout the past few months.
It is important to note that LINK appears to be caught within an accumulation phase at the moment, as each dip is being aggressively absorbed, despite the lack of enough buying pressure to push it past its $11.00 resistance.
This trend bodes well for the cryptocurrency’s near-term outlook, as the price region just below where it is currently trading at may provide a strong base for it to grow upon.
One analyst is noting that he is setting his sights on a move towards $14.00 in the mid-term. He also adds that this may be an ideal region to short, as the resistance here is quite significant and will likely slow its ascent.
Chainlink Tracks Bitcoin’s Price Action; Enters Accumulation Range
At the time of writing, Chainlink is trading down just over 2% at its current price of $10.70. This is around where it has been trading throughout the past several days, with buyers and sellers largely reaching an impasse.
Where it trends next may depend somewhat on Bitcoin, as the benchmark crypto