HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

Chainlink Rallies Higher as Analysts Expect Further Mid-Term Upside

Other 2020/10/25 00:00 by Cole Petersen

Chainlink has seen one of the strongest rebounds from its recent lows across the aggregated altcoin market, with its price rocketing higher as investors begin rotating capital into “risk-on” assets as Bitcoin and Ethereum show signs of strength.

Its rebound is showing few signs of slowing down, and a move back up to its all-time highs could be on the table if the wider crypto market continues showing signs of strength.

One analyst is now pointing towards a diagonal resistance level that has been formed over the past few days, noting that a break above this level could spark the next leg higher.

He also notes that this recent momentum stems from a break above the upper boundary of a triangle formation that it had previously been caught within over a mid-term time frame.

The coming few days and weeks could provide it with further momentum, potentially sparking a sharp upswing if Bitcoin and Ethereum continue climbing higher.

Chainlink Rallies as Broader Crypto Market Shows Signs of Strength 

At the time of writing, Chainlink is trading up just under 6% at its current price of $12.85.

This marks a massive surge from where it was trading just over a week ago when bears attempted to spark a selloff that sent it to lows of $9.60.

Where it trends in the short-term could have some serious implications for its macro trend, as a push higher from here could mark the start of its next parabolic move that sends it rocketing towards, or even past, its previous all-time highs of $20.00.

This move will be bolstered if the wider market remains strong, with BTC and ETH’s ongoing uptrends leading investors to rotate more capital into high beta assets like Chainlink.

Analyst: LINK Likely to Push Higher as Technical Strength Mounts

While sharing his thoughts on Chainlink’s current technical outlook, one trader observed that it is currently trading just below a diagonal resistance level that it is attempting to break.

If broken, he believes that this could spark a move that sends it rocketing significantly higher in the days ahead.

“LINK – Key S&R flip holding as Support over the last few hours. Slow bleed/chop & Diagonal resistance on the h1. When the diag breaks I’m expecting another leg up. The reaction at the EQ will be very important.”

Chainlink

Image Courtesy of UB. Source: LINKUSD on TradingView.

The coming few days should prove to be pivotal for major altcoins like Chainlink.

Featured image from Unsplash.
Charts from TradingView.

0 Like(s)



You should also read...

Other 08/08/20 01:00 by Cole Petersen
Chainlink Pushes Past $10 as Analysts Eye a Rally to $12.50
Chainlink has continued seeing incredibly strong price action despite some tempered signs of weakness within the aggregated crypto market. The strong token is now breaching into the double-digit price...
Read More
Altcoins 26/08/20 23:00 by Cole Petersen
Chainlink Forms Strong Base of Support as Analysts Eye Move to All-Time Highs
Chainlink has been forming what appears to be a strong base of support within the mid-$13.00 region, as each dip here has resulted in it seeing a strong rebound. This is leading analysts to note that ...
Read More
Other 03/11/20 08:48 by Aayush Jindal
Charted: Chainlink (LINK) Signaling Bearish Continuation Below $9.8
Chainlink (LINK) started a sharp decline from the $11.60 resistance zone. The price is now trading well below $10.50 and it seems like the bears are aiming a test of the $9.00 support. Chainlink toke...
Read More
Other 17/11/20 00:00 by Cole Petersen
Bears Control Chainlink as Long as It Holds Below One Crucial Level: Analyst
Chainlink has been holding strong throughout the past few days and weeks around $13.00, with the selling pressure here stopping the cryptocurrency from seeing any intense momentum throughout the past ...
Read More
Other 14/12/20 22:00 by Cole Petersen
Chainlink Could Soon Rally Higher as Bulls Defend Key Trendline
Chainlink has seen some mixed price action over the past few days, with buyers and sellers both struggling to gain control of its mid-term trend as its price hovers within the mid-$12.00 region. This ...
Read More