Here’s the Simple Path Forward for Chainlink to Rally Past $20
Chainlink’s immense multi-year uptrend is showing no signs of faltering as LINK continues racing higher.
Despite facing a firm rejection within the mid-$8.00 region earlier this week, the crypto has since rallied past this level and just set a fresh all-time high.
Analysts are now noting that this momentum could extend significantly further in the days and weeks ahead.
One respected trader is noting that it is even a strong possibility that buyers push LINK into the double-digit price region before its macro uptrend begins slowing.
The parabolic movement required to send it to this region could be sparked by a potential “cup and handle” formation that it just recently confirmed with its break above $8.50.
Chainlink Just Set Another Fresh All-Time High
Earlier this week, when Chainlink rallied up to highs of $8.50, many analysts suspected that it would start losing its momentum.
For a short period, they were right. The cryptocurrency subsequently retraced to lows of $6.80 before garnering a massive influx of buying pressure that allowed it to extend its momentum further.
In the time since hitting these lows, LINK has been slowly grinding higher. Earlier today, this momentum reached a boiling point when bulls propelled it past its previous highs.
At the time of writing, Chainlink is trading up over 6% at its current price of $8.60.
Although it does appear to be facing some resistance at its current price level, it is important to note that the intense trend that has been propelling it higher isn’t showing any signs of wavering.
One analyst recently pointed to the formation of a “cup and handle” pattern as one factor that could help drive LINK higher.
For this pattern to have any real sway on its price action, bulls must hold LINK above $8.50 before its daily close.
“LINK trying to fill out the cup and handle, over $8.50 should spring it loose.”
Image Courtesy of Jonny Moe. Chart via TradingView.
Analyst: LINK at $20+ Wouldn’t Be Surprising
While speaking about Chainlink’s underlying strength, another respected analyst explained that as long as Bitcoin remains stable or climbs higher, there isn’t any reason why the crypto can’t push into the double-digit price region.
“If Bitcoin does not ruin the party, there is no reason why LINK does not continue on into double digits. It would be conservative even, considering we just broke out of a major range. 20$ + LINK would not surprise me at all,” he noted.
Image Courtesy of Cantering Clark. Chart via TradingView.
If Chainlink continues pushing higher and does break past $20, it will likely help create a tailwind that allows other altcoins to surge as well.
Featured image from Shutterstock. Charts from TradingView.