Chainlink prices bounce higher alongside Bitcoin
Chainlink showed bullish promise after the buyers forced recovery from the $7 support zone. If Bitcoin can climb past the $30.2k mark, it is possible that LINK could break out past the multiple crucial resistance levels overhead. Yet, a BTC slump could erase the recent gains Chainlink bulls achieved.
The short-term sentiment was bullish once more as speculators flock to the market
On 7 and 8 August Chainlink prices climbed higher, accompanied by a swift upsurge in the Open Interest chart. This showed speculators were willing to bid for the token and signaled strong bullish sentiment. The spot CVD halted its descent but was unable to climb higher.
Taken together, the price action and short-term sentiment showed bullish strength. Yet, whether this can see LINK rally beyond $7.7 to reach $8, $8.8, and $9.5 remained to be seen.
