On Thursday, the price of Chainlink (LINK) surged to above $7.20 as the cryptocurrency market rode a wave of strong momentum across risk assets.
When this article was being written, LINK/USD was trading close to $7.17, with weekly gains of up to 5% and a 30-day upside of 10%.
Pricing Forecast for Chainlink
Crypto researcher Ali Martinez predicts that LINK/USD will rise in the near future if bulls manage to keep prices above recent support levels above $6.90.
The analyst believes it is possible for LINK to reach $10.00 after looking at the Into The Block’s In/Out of the Money Around Price (IOMAP) model. The zone slightly below $7.00 displays strong support according to the on-chain indicator. As he tweeted:
Transaction history shows that #Chainlink formed a significant demand wall at $6.70, where over 7,000 addresses bought nearly 301 million $LINK.
If this support level holds, #LINK has a good chance of surging to $10 as @intotheblock's IOMAP shows little to no resistance ahead. pic.twitter.com/dahniVrBT0
— Ali (@ali_charts) July 28, 2022
The transaction history reveals that around $6.70, where more than 7,000 addresses purchased approximately 301 million $LINK, Chainlink built a huge demand wall. #LINK has a strong chance of rising to $10 if this support level holds since @intotheblock’s IOMAP indicates little to no resistance up ahead.
Gains in all crypto
Gains in LINK/USD coincide with significant movements in Bitcoin (BTC) and Ethereum (ETH), the two most valuable cryptocurrencies, which have recently surpassed $24,000 and $1,700, respectively.
Notably, BTC was trapped below $22k on Wednesday before breaking through the resistance area in response to the US Federal Reserve’s 0.75 percent interest rate increase.
Following the second consecutive day of negative gross domestic product (GDP) growth, which came in at -0.9% on Thursday, the US officially entered a recession.
US Economy in technical recession as GDP shrinks for a second quarter. Q2 GDP fell at a 0.9% annualized rate as inventories, residential investment subtract from growth after a 1.6% decline in the first three months of the year. pic.twitter.com/5cXb6uNyWT
— Holger Zschaepitz (@Schuldensuehner) July 28, 2022
“US Economy in technical recession as GDP shrinks for a second quarter. Q2 GDP fell at a 0.9% annualized rate as inventories, residential investment subtract from growth after a 1.6% decline in the first three months of the year”