Despite a widespread weekly gain in the cryptocurrency market, Chainlink (link) remains in significant oversized pressure printing losses on several times. Since he hit a local peak of $ 29.28 in December, Altcoin has slipped into a downward trend losing over 56% since then. In the midst of this negative performance, the cryptographic analyst Ali Martinez Link could soon experience an increase in short -term prices.
The recovery of the connection depends on the support to the critical trend line
In a recent post on X, Martinez shares a positive technical perspective on the link that hints at Alfain will probably warn a recovery. This prediction of prices is based on a crucial ascendant trend line that has acted as a price support since mid -2023, guaranteeing coherent training of higher and higher minimal minimums.
Based on the commercial graph of Martinez, Chainlink is currently heading towards a test with the trend line identified near the level of retracement of 0.5 fibonacci at $ 12.00. If Link Bulls can induce a sufficient increase in demand at this level, the following rebound of prices could turn on a bullish reversal. Observing the historical price models, such price rally could drive the price of Chainlink at about $ 19, which represents the next resistance area.
In the presence of a solid purchase pressure, altcoin could even go up to $ 30 suggesting a potential increase in prices of 147% on current market prices. On the other hand, the inability to remain above $ 12.00 would cause an initial drop in the price at around $ 10.00, with the potential to exchange up to $ 5.00.
Chainlink integrated in PayPal’s ecosystem
In other news, the important American payment platform Paypal Holdings has announced the inclusion of Chainlink in its cryptocurrency offers. In a declaration issued on April 4, Paypal said that users will now be able to buy, keep, send and receive Chainlink and Solana (Solna (Sol) both on their PayPal portfolios and we are.
This development marks a significant step in the traditional integration of the connection, which is essential to guide the demand for token in the future. In addition to both tokens, Paypal also offers users access to Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).
At the time of the press, link continues to exchange at $ 12.91 reflecting a drop of 0.62% in the last 24 hours. On larger times, the token maintains a bearish form with losses of 5.03% and 21.81% respectively in the last seven and thirty days.
According to Coincodex data, the feelings of investors in the connections market remain highly bearish with an index of fear and greed of 26 by signaling the almost extreme fear. However, analysts of this company include a price of price similar to that of Martinez with a forecast of $ 15.32 in five days and $ 17.46 in a month.