The price of Chainlink (LINK), rose sharply on Thursday, breaking above $7.20 due to positive momentum in crypto markets across all risk assets.
At the time of writing, LINK/USD was trading at $7.17. Weekly gains were up to 5%, and there was a 10% upside on the 30-day side.
Chainlink price prediction
According to Ali Martinez crypto analyst, LINK/USD could continue rising in the near term if bulls maintain prices above current support levels at $6.90.
The analyst has looked at the Into The Block’s In/Out of the Money Around Price (IOMAP) model to suggest its possible for LINK to go to $10.00. The zone is just below $7.00, with massive support from the on-chain metric. 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.”
You can make a lot of money with crypto
The huge gains in LINK/USD are due to Bitcoin (BTC), and Ethereum (ETH) moves that have pushed past $24,000 and $1700, respectively.
Notably, BTC was stuck below $22k on Wednesday before crossing above the resistance zone following the US Federal Reserve’s raising of interest rates by 0.75%.
On Thursday, the US entered a technical recession following the second consecutive negative gross domestic product (GDP) growth – coming in at -0.9%.
The US economy is in technical recession, as GDP shrinks for the second quarter. Q2 GDP dropped 0.9% annually as inventories and residential investments slowed growth following a 1.6% decrease in the first three month of the year. pic.twitter.com/5cXb6uNyWT
— Holger Zschaepitz (@Schuldensuehner) July 28, 2022