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Chainlink (LINK) has recently announced a partnership with Blueberry to automate and enhance the build and LP strategies of the network. This collaboration aims to provide incentives and network fees. However, the LINK price has experienced a 0.85% decrease. Despite this, the partnership with Blueberry has bolstered buyer confidence.
According to data from Coingecko, the LINK price has seen a 7.5% decline in the last seven days and is currently trading at $5.55. Technical indicators suggest that the coin has lost its grip at the $6 level, which could indicate a bearish signal. If the bulls fail to push the price above $6, it could pose a significant challenge for Chainlink.
On a positive note, the LINK bulls have historically been quick to make a comeback when the price crashes. Buyers tend to step in when prices dip below critical levels. In this scenario, breaching the $6 level would be a significant achievement, especially as the new year approaches.
Despite the recent decline, crypto expert Michaƫl Van De Poppe expects LINK to enter bullish territory by 2023. He predicts that if the bulls can reach a resistance level of $7.80, the crypto could reach $17. However, he also suggests that Chainlink may experience a drop below $5 before experiencing a price pump.
Currently, LINK has been consolidating between $6 and $8. Any breach below this range could potentially pull the price further down. However, once the digital asset surpasses this low range, it is expected that the bulls will take over.
There is increased buyer interest and positive sentiment surrounding Chainlink. The RSI indicator suggests a bullish spike, despite the intensified selling pressure. LINK has been one of the top 10 most purchased cryptocurrencies in the past 24 hours, indicating investor and buyer confidence. This is surprising considering that LINK did not see significant gains over the past week.
Although Chainlink’s developmental activity has declined, the positive sentiment for the coin has significantly increased. Whales, or large investors, have shown interest in LINK due to technical indicators suggesting a price rally in the coming days or before the year ends.
It is important to note that this article is for educational purposes only and does not represent the opinions of NewsBTC on whether to buy, sell, or hold any investments. As with any investment, there are risks involved, and readers are advised to conduct their own research before making any decisions.