Your favorite crypto news blog

Chainlink Explodes Higher as Bulls Shatter Key Resistance Level; What’s Next

Other 2021/01/07 00:00 by Cole Petersen
  • Chainlink has been lagging behind Bitcoin and the rest of the market throughout the past few weeks
  • This trend is coming to an end, however, as bulls have stepped up and propelled the cryptocurrency significantly higher today
  • It still has a way to go before it sets all-time highs, but its current momentum does seem to indicate that serious upside could be imminent in the short-term
  • One trader spoke about its technical outlook in a recent tweet, explaining that it was just able to break above a multi-month consolidation range that it had been caught within
  • He notes that this may allow for it to see some serious upside in the days and weeks ahead

Chainlink has been lagging behind the entire crypto market throughout the past few weeks, with it largely hovering within the lower-$10.00 region while many of its counterparts rallied.

This consolidation appears to have come to a firm end today, with bulls taking full control of its price action as they send it up towards its all-time highs.

It still has room to rally before it reaches the $20.00 region, which has long proven to be a resistance zone for the cryptocurrency. A firm break above could allow it to enter price discovery mode, sending it to new highs.

Chainlink Explodes Higher Following Consolidation Phase

At the time of writing, Chainlink is trading up over 15% at its current price of $16.00. This marks a massive surge from its recent lows of $8.00 that were set in December when the entire market saw a flash crash.

From here, its price rallied until it reached the $14.00 region, which is around the time it began facing some intense resistance that slowed its growth.

The break above this level was significant and sent it flying up to its current price levels. Bulls are now trying to flip $17.00 as support.

LINK Breaks Key Trading Range as Analysts Eye Upside

One trader explained in a recent tweet that the recent breakout rally allowed Chainlink to shatter a multi-month trading range.

He notes that this could mean that a move up to its all-time highs of roughly $20.00 is imminent.

“LINK: Broke out of a long consolidation range. Retesting the P.O.B is where most traders will look to enter on a retest and/or add to positions with confirmation,” he said while pointing to the below chart.

Chainlink LINK

Image Courtesy of Pentoshi. Source: BTCUSD on TradingView.

The coming few days should offer significant insights into where Chainlink and other altcoins will trend next.

Featured image from Unsplash.
Charts from TradingView.

0 Like(s)

You should also read...

Other 13/12/19 00:00 by Cole Petersen
The Chainlink Bull Run May Not Be Over Yet, Despite Recent Price Decline
Chainlink has seen a massive price rise in recent times, surging to fresh all-time highs in July of 2019 concurrently with Bitcoin’s rise to its 2019 highs of $13,800. Although both cryptocurrencies...
Read More
Bitcoin 26/04/20 06:00 by Cole Petersen
Bitcoin Forms Another Dreaded “Darth Maul” Candle; Liquidating $9m in Shorts
After firmly securing its position within the mid-$7,000 region, Bitcoin’s bulls and bears have once again reached an impasse. This is clear while looking towards the benchmark crypto’s price acti...
Read More
Other 08/07/20 19:00 by Cole Petersen
Chainlink (LINK) Enters “Price Discovery Mode” as Analysts Eye Move to $11
Chainlink (LINK) is once again entering another parabolic uptrend, with this one coming about in tandem with the surge seen across the aggregated crypto market. The cryptocurrency’s intense uptrend ...
Read More
Other 29/08/20 22:00 by Cole Petersen
Analysts Flip Bullish on Chainlink After Breaking Above Critical Resistance
After an extended period of consolidation, Chainlink’s price is finally breaking out as it begins navigating back up towards its all-time highs. This intense momentum that has guided it higher today...
Read More
Bitcoin 30/11/20 17:12 by Cole Petersen
Bitcoin Explodes to Fresh All-Time High; Here’s What Could Come Next
Following what is described as an “epic bear trap” to $16,400, Bitcoin has officially set a fresh all-time high. The benchmark digital asset has never traded as a price this high on the sp...
Read More