Chainlink (LINK) has embarked on a strong recovery over the past 24 hours after plunging over 50% from its all-time high set in August. The coin now trades up 15% in the past 24 hours, meaning it’s on the verge of reclaiming the $10 support level.
LINK’s recovery comes as Bitcoin has undergone a strong bounce after dipping under $10,200 on Wednesday. BTC now trades at $10,700 as of this article’s writing, just around 5% above those lows.
Analysts think that Chainlink has room to move higher after the surge.
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Chainlink Has Room to Rally After 15% Surge
LINK may have further to surge after already gaining 15% in the past 24 hours according to top analysts.
One historically accurate analyst that predicted Bitcoin would undergo a V-shaped reversal in the middle of March’s crash recently said that LINK is primed to return towards its all-time high. He said on the matter:
“Stinkbids on $LINK at $8-9 and accumulating some now around $10. Invalidation if price starts fucking around below stinkbids & will build more size if trend confirms. I think this is going to $28-32 on the next run. $BTC pair also looks ready to turn around soonish.”
Chart of Chainlink's price action over the past few weeks with analysis by crypto trader Bitcoin Jack. Chart from