Chainlink’s price action has been rather lackluster as of late, with Bitcoin’s indecisiveness not providing altcoins with much momentum.
LINK has been caught within a bout of sideways trading throughout the past few days, with buyers and sellers largely reaching an impasse as the crypto ranges between $10.50 and $12.00.
Until one of these levels is decisively broken above or below, it will likely continue seeing relatively lackluster price action as bulls and bears both try to gain control of its near-term outlook.
There is a bullish possibility that the cryptocurrency is currently caught within an accumulation phase that will be followed by further upside.
One analyst mused this possibility in a recent tweet, explaining that it has strong support around $10.00, with resistance in the mid-$12.00 region and around $14.00.
If this is an accumulation phase, then a visit to these resistance levels may be imminent in the days and weeks ahead.