Your favorite crypto news blog

Chainlink Posts Strong Rebound; Why It Could Soon See a Bullish Trend Shift

Altcoins 2021/01/13 22:00 by Cole Petersen
  • Chainlink has been severely underperforming Bitcoin throughout the past few weeks, with the crypto remaining well below its 2020 highs despite Bitcoin’s strength
  • Many altcoins have seen similar performance, as the proverbial ‘altseason’ that investors are watching for remains elusive
  • The crypto has seen a notable rebound throughout the past few days, with its price forming what appears to be a local low around $13.00
  • This region has long held as support, and a continued defense of it could allow for significantly further upside
  • One analyst is noting that the strength seen against Bitcoin and USD indicates that LINK could be poised to see further upside in the days ahead

Chainlink has seen a notable rally from its recent lows, with the cryptocurrency surging as bulls try to establish its recent lows as a long-term bottom.

Where it trends in the mid-term will undoubtedly depend on Bitcoin, Ethereum, and the rest of the market, but the strength of its ongoing upswing is promising and may be a sign of a trend shift.

One analyst is now pointing to LINK’s USD and Bitcoin trading pairs, noting that it is flashing signs of strength against both of them.

This could mean that it will soon break the key resistance it is currently testing.

Chainlink Shows Signs of Strength as Bulls Target Key Resistance

At the time of writing, Chainlink is trading up over 10% at its current price of $15.70. This marks a notable rise from its recent lows of $13.40 set just a few days ago.

The selling pressure seen around its current price has been significant, as this has long proven to be a resistance level for the cryptocurrency.

Another rejection here could be dire, but if bulls can shatter this level, it could catalyze a parabolic move higher.

LINK is Showing Signs of Strength Against Both BTC and USD

One trader recently mused the possibility that Chainlink will soon gain some serious ground against both USD and Bitcoin.

The chart he offers shows an upside USD target of around $16.20, which would mark a serious upside movement for the crypto.

“I like the view on LINK today, if the ground holds steady both the cash pair and the BTC pair are in really good shape for momentum to the upside.”


Image Courtesy of Cold Blooded Shiller. Source: LINKUSD on TradingView.

The coming few days should shine some light on where the entire market should trend next, as altcoins like Chainlink will likely only thrive if BTC and ETH can see continue stability.

Featured image from Unsplash.
Charts from TradingView.

0 Like(s)

You should also read...

Bitcoin 18/11/19 22:00 by Cole Petersen
Analysts: Bitcoin to Target Lower-$8,000 Region Before Next Rally Kicks Off
Bitcoin has once again dropped down to its near-term support level after a brief attempt from BTC’s bulls to push to crypto back above its previously established support level at $8,700, which appea...
Read More
Bitcoin 26/11/19 22:00 by Cole Petersen
Bitcoin Taps Lower Boundary of Bullish Channel; Break Below Could Spark Massive Sell Off
Bitcoin (BTC) has been caught in the throes of immense volatility over the past several days and weeks, with the cryptocurrency recently dropping to lows of $6,500 before posting a sharp bounce to $7,...
Read More
Altcoins 28/04/20 23:00 by Cole Petersen
Ethereum is Gearing Up for a Parabolic Push; Here’s How Far It May Run
Ethereum has seen some immense bullishness today against Bitcoin, with the cryptocurrency firmly outperforming its peers as its buyers vie to shatter the resistance that has been firmly established ar...
Read More
Crypto 01/05/20 23:00 by Cole Petersen
This Crypto is On the Brink of Seeing Parabolic Upside as Bulls Defend Key Level
Chainlink has seen a notable recovery from its daily lows today, as the crypto’s bulls have stepped up and defended against it seeing further underperformance of Bitcoin and other altcoins. This com...
Read More
Other 30/05/20 00:00 by Cole Petersen
This is the Level Chainlink Needs to Surmount to See “Swift Rally” to Fresh Highs
Chainlink’s immense uptrend has stalled in recent times as the cryptocurrency struggles to gain a firm foothold within the $4.00 region. Although it has yet to see any swift rejection, it has been f...
Read More