LINK’s impulse to break higher only enhanced the bulls to surpass the key level that was deemed as a hurdle for the asset. Chainlink saw a strong push higher in the past few days, with the rise coming in tandem with the one seen by BTC and ETH so let’s read more in today’s chainlink coin news.
The market-wide uptrend proves to be beneficial for many altcoins with many posting huge gains over the past few hours as bulls aim at a new rally. Because bitcoin shows signs of strength, every dip is aggressively bought so there’s a chance of further upside. This could bolster Chainlink since it was quite positive in the recent momentum that is seen across the market. One trader noted that the cryptocurrency will be on the cusp of seeing higher gains because of the break above a key trading range.
Bitcoin created serious tailwinds for the rest of the aggregated crypto market with many altcoins posting huge gains once the bulls took full control over the market which benefited the blue-chip altcoins such as Chainlink. LINK’s impulse brought more momentum with the bulls pushing it above the crucial resistance level that was seen as slow in growth. Where it will trend in the mid-term will depend on Ethereum and the rest of the market as any serious downturn could prove to be of strong impact for altcoins that were rallying as of late.
One trader noted that a channel breakout indicates that more upside is imminent in the near-term. At the time of writing, Chainlink was trading down at over 3% with a current price of $14,96 which marks a small decline from the recent highs of about $16.00 that was set a day ago. Overnight, the entire market faced a strong selloff which sent it down towards $13.80. the buying pressure was strong and allowed Chainlink to post a V-shaped recovery.
One analyst noted that Chainlink would be poised to see more upsides in the near-term because of the recent break above the key trading channel:
“LINK now retesting broken upper channel, face melting wave 3 to the upside likely underway here”
If Chainlink manages to hit this target during its next wave higher, it will rally to $18.00 in the upcoming few days.
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