Chainlink Likely to See an Impulse Higher as Bulls Break Key Range
- Chainlink has seen a strong push higher over the past few days, with its ongoing rise coming about in tandem with that seen by Bitcoin and Ethereum
- This market-wide uptrend has proven to be highly beneficial for altcoins, with many posting massive gains throughout the past few hours as bulls aim at sparking a full-blown 2017-style uptrend
- Because Bitcoin is showing signs of strength, with each dip being aggressively bought, there’s a strong possibility that further upside is imminent
- This could bolster Chainlink, which has been reacting quite positively to the recent momentum seen across the market
- One trader is also noting that the crypto could be on the cusp of seeing significantly further gains due to its recent break above a key trading range
Bitcoin has created some serious tailwinds for the aggregated crypto market, with many altcoins posting massive gains as bulls take full control over the market. This has greatly benefited the “blue-chip” altcoins like Chainlink.
LINK has seen some massive momentum, with bulls pushing it above a crucial resistance level that has long been slowing its growth.
Where it trends in the mid-term will depend largely on Ethereum and the rest of the market, as any serious downturn will likely prove to be particularly impactful for altcoins that have been rallying as of late.
One trader is noting that a channel breakout indicates that further upside is imminent in the near-term.
Chainlink Shows Signs of Strength as Bulls Target $15.00
At the time of writing, Chainlink is trading down just over 3% at its current price of $14.96. This marks a slight decline from its recent highs of nearly $16.00 that were set just a day ago.
Overnight, the entire market faced an intense selloff that sent it down to $13.80.
The buying pressure here was significant and allowed Chainlink to post a “V-shaped” recovery.
Analysts Eye Serious LINK Upside as It Posts Channel Breakout
One analyst is now noting that Chainlink could be poised to see further upside in the near-term due to its recent break above a key trading channel.
“LINK now retesting broken upper channel, face melting wave 3 to the upside likely underway here”
Image Courtesy of @SmartContracter. Source: LINKUSD on TradingView.
If it reaches his target during its next wave higher, it could rally towards $18.00 in the coming days and weeks.
Featured image from Unsplash. Charts from TradingView.