Chainlink (LINK) price rose sharply on Thursday to break above $7.20 as the crypto market rode positive momentum across risk assets.
At the time of writng, LINK/USD was trading near $7.17 with weekly gains now up to 5% and 30-day upside now at 10%.
LINK/USD, according to crypto analyst Ali Martinez, can continue higher over the short term if bulls hold prices above recent support levels around $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 on-chain metric shows massive support at the zone just below $7.00. 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.”
Gains across crypto
The gains for LINK/USD come amid huge moves for Bitcoin (BTC) and Ethereum (ETH), the two top cryptocurrencies ripping past $24,000 and $1,700 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%.
US Economy in technical recession as GDP shrinks for a second quarter. Q2 GDP fell at a 0.9% annualized rate as inventories, residential investment subtract from growth after a 1.6% decline in the first three months of the year. pic.twitter.com/5cXb6uNyWT
— Holger Zschaepitz (@Schuldensuehner) July 28, 2022