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Chainlink May Reach New ATH If This Barrier Breaks, Analyst Says
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Chainlink May Reach New ATH If This Barrier Breaks, Analyst Says

Keshav Verma
Keshav Verma
6 months ago
2 mins read
Chainlink

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An analyst has explained how the path to a new Chainlink all-time high (ATH) could open up if LINK can break past this resistance block.

Chainlink Could Find Major Resistance At The $20 Level

In a new post on X, analyst Ali Martinez has discussed how the resistance barriers for LINK are currently looking in terms of the on-chain cost basis distribution.

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Below is the chart from the market intelligence platform IntoTheBlock shared by the analyst. It shows the amount of the asset acquired at each price range that Chainlink has visited in its history.

Chainlink Cost Basis Distribution
Looks like a large demand zone is present around the $22 mark | Source: IntoTheBlock on X

As displayed in the graph, many Chainlink investors purchased their tokens inside the $18.4 to $26.3 range. More specifically, around 100,220 addresses acquired 57.2 million LINK at these price levels.

In on-chain analysis, the potential of any price range to act as support or resistance is measured using the number of coins bought inside it. The reason behind this lies in investor psychology.

Generally, holders consider their cost basis a special level since a retest of it can flip their profit-loss status. As such, they can be more prone to making panic moves when this retest happens.

Investors carrying a loss before the retest may fear that the price would return shortly, so they could be tempted to sell and get their money back.

Similarly, holders with their cost basis retested from above could decide to accumulate more, believing that the level will eventually become profitable again.

Both of these effects aren’t consequential when the cost basis of a few investors gets retested. Still, in the scenario where many addresses have their cost basis in a tight range, the reaction produced from a retest may be big enough to cause visible fluctuations in the asset.

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The aforementioned Chainlink price range around the average value of $22 holds the cost basis of many investors, so it’s possible that LINK could find it hard to break through these levels.

As Martinez has pointed out, however, if the cryptocurrency can clear this hurdle, it could potentially have an easy run up to a new ATH since not many investors currently have their acquisition level in the price range after the $22 demand zone.

Regarding the ranges under the current price, there are a couple of hefty ones nearby, like $13 to $15 and $11 to $13. If the asset goes through a correction, these levels could potentially help cushion a fall.

LINK Price

Chainlink has witnessed a rally of almost 10% over the last 24 hours, taking its price to the $18.4 mark.

Chainlink Price Chart
Looks like the price of the coin has been climbing up over the last few days | Source: LINKUSDT on TradingView
Featured image from Dall-E, IntoTheBlock.com, chart from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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