Chainlink is an Inch Away from Breaking a Key Resistance Level: Analyst
Chainlink has firmly broken above the $13.00 level that has been suppressing its price action for the past few weeks. This is a notable breakout and suggests that the crypto may be on the cusp of seeing significantly further upside.
Its price has been stuck below this level for the past several weeks, and breaking above it today was a major step towards it revisiting its previous all-time highs in the weeks ahead.
Analysts are now widely flipping long on the cryptocurrency, with its ongoing upswing being bolstered by a combination of technical strength and tailwinds created by the ongoing breakout seen by Bitcoin, Ethereum, and the rest of the crypto market.
One trader is specifically looking towards the cryptocurrency seeing a sharp move up towards $14.00 in the near-term, noting that the resistance here may slow its ascent slightly before seeing a breakout past $15.00.
Because the entire crypto market is looking strong, there’s a strong possibility that significantly further upside could come about in the weeks ahead. Once it breaks above $15.00, a move back to its all-time highs could be in the cards.
Chainlink Flashes Signs of Strength as Bulls Break $13.00 Resistance
At the time of writing, Chainlink is trading up just over 2% at its current price of $13.31. The $13.00 level has held strong as resistance on multiple occasions throughout the past few weeks.
Today’s break above this level is promising and indicates that bulls are in full control of its price action.
Where it trends next will depend largely on whether this level can be flipped into support, as an ability to do so could help catalyze significantly further momentum.
Analyst: LINK Likely to Push Past $14.00 as Buying Pressure Mounts
While sharing his thoughts on where Chainlink might trend in the near-term, one analyst explained that he is watching for a move to $14.00, followed by a rally to $15.00.
“LINK – Heatmap. Run it back turbo. I see no reason to short LINK here, I fully expect it to tap that 13.8-14 resistance, before mowing through it to 15…,” he said while pointing to the targets highlighted on the below chart.
Image Courtesy of NekoZ.
If this plays out how he expects, then the coming few days could be incredibly positive for Chainlink and potentially lead it back towards $20.00. This will likely come about in tandem with a push higher by the rest of the market.
Featured image from Unsplash. LINKUSD pricing data from TradingView.