Chainlink Nears Crucial $6 Level As LINK Ushers In The New Year

Chainlink (LINK) has recently announced its new tie-up with Blueberry, which is set to automate and enhance the build and LP strategies of the network. With this collaboration, Blueberry is developed to provide incentives and network fees.

  • LINK price down 0.85%
  • Partnership with Blueberry bolsters buyer confidence
  • Crypto experts expect LINK to go bullish before the year ends

According to data by Coingecko, LINK price has plunged by 7.5% in the last seven days, and trading at $5.55 as of this writing.

Technical indicators demonstrate that the coin has lost its grip at the $6 level, which could hint at a bearish signal. If the bulls fail to shoot over $6, it could be a bigger challenge for Chainlink.

LINK Bulls Push To Get Price Past $6

On the brighter side, the LINK bulls are always quick to make a comeback whenever the price crashes. When prices dip below critical level, buyers immediately move to save the day. In this scenario, a breach of the $6 level would be a big achievement, especially in ushering the new year.

But, LINK is expected to shoot up higher. Michaël Van De Poppe, a crypto expert, expects LINK to move into the bullish territory by 2023.

In detail, he expects the crypto to hit $17 if the bulls reach a resistance level of $7.80. On the other hand, the crypto analyst says that Chainlink can drop and warm up below $5 before it pumps up in price.

Chart: TradingView

As of press time, LINK has been consolidating between $6 and $8. Considering this, any breach below this range could pull LINK further down. Predictably, bulls will take over once the digital asset breaches this low range.

LINK total market cap at $2.8 billion on the daily chart | Chart:

Chainlink Positive Sentiment, Increased Buyer Interest Up

There is intensified selling pressure with LINK as its RSI points too close to the oversold zone, indicating a bullish spike. The bear pressure mounts each time the crypto drops, as it is expected to slide further below the consolidation range.

Whale interest has increased for Chainlink. In fact, LINK is said to be one of the top 10 most purchased crypto in the past 24 hours. This is surprising because LINK did not accumulate any major gains over the past week, but investor and buyer confidence did.

Understandably, the whales were excited with LINK because the technical indicators suggested a price rally in the coming days or before the year ends. Despite the decline in Chainlink developmental activity, the positive sentiment for the coin has mounted significantly.

Featured Image: Mapping It Out

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