Chainlink's (LINK) price has climbed above $11 after the recent Fed rate cut, stirring speculation on the coin's short-term prospects. This analysis delves into factors influencing the price surge, potential consequences of the rate cut, and what traders should anticipate for LINK.
According to Santiment, Chainlink's 90-day Mean Coin Age (MCA) has increased alongside the rate cut, indicating many investors are holding onto their tokens. This strategy could reduce selling pressure and hint at a long-term hold strategy.
Additionally, the 4-hour LINK/USD chart displays a rise in the Cumulative Volume Delta (CVD), showing sustained buying pressure. Five consecutive green bars suggest an increasing demand for LINK, potentially supporting its uptrend.
The daily chart reveals that Chainlink is maintaining strong support at $10.02, which helped break the $10.83 resistance. With LINK trading at $11.30, the next target could be $11.86, and if it surpasses this, it might reach $12.98. However, failure to exceed $11.86 might lead to a pullback to $9.25.
