Chainlink price rebounds to $10 during Asian trading hours on Wednesday amid a broader cryptocurrency market recovery. The Bitcoin price surge to $57000 has sparked a fresh relief rally among altcoins, prompting them to form a fresh bottom. Moreover, a detailed analysis of the on-chain data reveals significant activity among whales, indicating a continued buy-the-dip sentiment among large investors.
Chainlink Price Hints Bullish Reversal
The near-term trend in Chainlink price is bearish, as evidenced by the formation of a falling wedge pattern in the daily chart. The technical chart setup consists of two converging trendlines, which lead to a series of lower highs and lower lows before a major reversal.
Amid the pattern formation, the LINK price fell from $22.87 to $8.08 within five months to record a 64.6% loss. However, the $8.5 level, which coincides with the 78.6% FIB level and wedge pattern support, creates a buyer accumulation zone. This level previously acted as a major resistan
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