Analysts Flip Bullish on Chainlink After Breaking Above Critical Resistance
After an extended period of consolidation, Chainlink’s price is finally breaking out as it begins navigating back up towards its all-time highs.
This intense momentum that has guided it higher today came about as a result of its bulls shattering the resistance it was previously facing around $16.00, with the break above this level also marking an end to its range-bound trading phase.
This movement was technically significant, as it suggests that LINK bulls still have a serious edge over bears.
While speaking about this latest movement, one analyst also noted that Chainlink is now one of the only few major altcoins with a “strong bull bias” – signaling that further upside may be imminent.
In addition to breaking above its diagonal resistance, the crypto was able to move above its cloud and above a horizontal resistance that had been suppressing its price action.
As a result of this, a move towards its all-time highs of $20.00 may be imminent.
Chainlink Shatters $16.00 Resistance as Chance of Upside Grows
At the time of writing, Chainlink is trading up over 12% at its current price of $17.00, marking a massive surge from daily lows of under $15.00 that were set yesterday.
While looking at the cryptocurrency’s multi-day trading range, it is currently up from lows of $13.50 that were set just a few days ago.
It is important to note that LINK is now facing some resistance at $17.00, as the visit to this price region has catalyzed a few rejections throughout the past couple of hours.
Once this level is surmounted and flipped into support, the cryptocurrency may be able to start another leg higher that sends it towards its all-time highs of $20.00.
Analyst: LINK Just Broke Above Multiple Key Levels
While speaking about the cryptocurrency’s current uptrend, one analyst noted that this recent upsurge allowed Chainlink to shatter multiple crucial resistance levels.
“Still riding this bad boy – one of the only few setups with strong bull bias. 1) Above diagonal resistance (blue) 2) Above the cloud 3) Above horizontal resistance (red),” he explained while referencing the below chart.
Image Courtesy of Teddy. Chart via TradingView.
As long as these levels are held above over an extended time frame, they may act as a springboard that helps send Chainlink towards its all-time highs of $20.00.
This uptrend may be further bolstered by the mounting strength seen by Bitcoin and the aggregated crypto market.
Featured image from Unsplash. Charts from TradingView.