Amidst the market turbulence, Chainlink price experienced a V shaped sharp rejection from the hurdle of $20 and returned to its bottom mark of $11. It made a double bottom formation in the last session.
Notably, the token price made consecutive bullish candles, but paused below the 20 day EMA mark. Although it indicates buyer accumulation from the lows, buyers need to initiate a recovery.
To initiate a pullback, the primary hurdle of $15 needs to be crossed, whereas the downside was capped at $11.
At press time, Chainlink was trading at $13.09 with an intraday drop of 1.36%, reflecting neutrality on the charts. It has a monthly return ratio of -17.20% and 112.0% yearly, reflecting short term profit booking.
The pair of LINK/BTC is at 0.000228 BTC, and the market cap is $7.97 Billion. Analysts are neutral and suggest that LINK may recover its gains and could outperform.
Will Chainlink Remain Resilient?
The first week of July was a tough one for most of the crypto assets, ch
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