Chainlink Set to Skyrocket as Bitcoin Approaches $29K Value Area

1. LINK’s price noted upticks after Bitcoin regained the $28K vicinity.
2. Can enthusiasts brace for sustained near-term revival considering the FOMC meeting next week?
3. Chainlink stayed neutral on its 4hr timeframe while maintaining an upward stance

Chainlink (LINK) has had its price movements consolidating around the support of $7 and psychological zone within the last five days. Meanwhile, in the past few hours (before this publication), the alternative coin climbed higher to retest the value area of the 50-exponential moving average ($7.34). The brief uptick emerged as Bitcoin soared from $27.2K to explore $28.6K on April 25.

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Bitcoin’s bullish cues may have resulted from the surged banking worries after First Republic Bank saw its stock dipping by 50% following reports of a colossal decline in deposits. Nonetheless, next week’s FOMC conference may impact these sentiments and deteriorate both assets.

Assessing Possible Moves Around $7.5

LINK’s price rejection at the 50-Exponential Moving Average might push the alt to hit the foothold of $7 before possible rebounds if the bulls retain the support. Meantime, the 20-Moving Average is slightly beyond the 50-Exponential Moving Average – presenting additional hurdles against the bull’s revival. However, the 200-Moving Average suggests potential consolidation as it maintains horizontal movements.

Therefore, the token might oscillate within the $7 foothold and the MAs in the coming hours or days. A closing beyond the MAs might support the alt to soar toward $7.727 before encountering bearish resistance.

Meanwhile, a dip under the $7 footing might drop LINK to lower support barriers. Thus, sellers may pause at around $6.5 or $5.9 (March’s swing low).  The Relative Strength Index confirmed increased buying strength as it retreated from the oversold region.

However, the indicator’s neutral bias during this writing shows the asset might fluctuate in either direction. Nonetheless, the On-Balance Volume declines, suggesting magnified selling pressure and limited demand.

Source – TradingView

On-chain data showed Chainlink experienced amplified selling momentum and limited demand, which might undermine a massive near-term recovery. Meanwhile, the asset recorded increased supply on exchanges. That showed more LINK tokens switched to centralized exchanges for offloading. Moreover, accumulation dipped further, as out-of-exchange supply shows.

Further, the latest uptick in active addresses paused at this writing, confirming restricted trading volumes. And that might favor Chainlink sellers. Nonetheless, LINK will climb higher if Bitcoin regains the $29K value area. Bitcoin seems ready for upsides today.

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