In the midst of Bitcoin’s surging momentum, Chainlink (LINK) is undergoing a consolidation phase, as highlighted by Upside Down Crypto Data. Contrary to viewing this as a setback, the consolidation is seen as a positive development. According to the short-term UDPI risk model, LINK’s short-term risk is gradually cooling off during this phase of consolidation.
As risk levels subside, the potential for upside movement in LINK increases, setting the stage for a more robust performance in its next rally. The strategic consolidation is deemed favorable, allowing the cryptocurrency to build resilience and gather momentum for future upward movements.
On-chain analyst David echoes the optimistic sentiment, citing a remarkable +243% surge in Chainlink’s value, propelling it to $16+ since his bottom call in June. Despite this substantial appreciation, David emphasizes that the LINK weekly chart remains bullish, projecting a further move into the $20s.
Dispelling notions of a potential dip below $8 as a psychological operation (Psyop), David underscores the robust position of Chainlink in the market. The analyst’s confidence in LINK’s weekly outlook reflects a bullish stance, anticipating sustained positive momentum in the coming weeks.
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Investors and enthusiasts alike are closely monitoring Chainlink’s trajectory, with the cryptocurrency poised for potential gains as it consolidates amidst the broader market dynamics.
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