Chainlink Could be on the Cusp of Rocketing Higher as Strength Against BTC Grows
- Chainlink has seen some mixed price action over the past few days and weeks, with sellers previously taking control of its price
- The cryptocurrency is now showing some signs of strength as the entire market begins to rebound and climb higher
- One trader believes that a move higher could be imminent in the near-term, with it now aiming to break above $13.00 as its momentum begins building
- The trader believes that strength against the cryptocurrency’s BTC trading pair could also be a sign that upside is imminent in the near-term
Chainlink has been on a wild ride over the past few days and weeks, with its price action largely tracking Bitcoin and the rest of the crypto market.
LINK’s close ties to BTC and ETH’s price action caused it to see an intense selloff earlier this week, with Bitcoin plunging to lows of $17,600 while ETH dropped as low as $528.
The buying pressure at these lows proved quite intense and helped the cryptos see an explosive surge that sent them back up towards their all-time highs.
LINK still has a way to rally before it reaches its all-time highs in the lower-$20.00 region, but a move to here could be imminent as its technical strength begins shaping up – according to one analyst.
Chainlink Rallies Towards $13.00 as Market-Wide Uptrend Takes Off
At the time of writing, Chainlink is trading up over 6% at its current price of $12.95. This marks a notable climb from its recent lows of $11.60 set just a couple of days ago.
The resistance here does appear to be somewhat intense, as it rallied as high as $13.20 earlier today before facing an influx of selling pressure that caused its price to plunge.
It has since rebounded and could see notable gains once it can break above its near-term resistance level.
Analyst Claims LINK is Building Strength Against BTC
One analyst explained in a recent tweet that Chainlink could be on the cusp of seeing some massive momentum in the days ahead.
He points to some strength that is beginning to emerge while looking towards LINK’s BTC trading pair.
“LINK: I’ve been non stop talking about using LINK shorts as a BTC hedge. I personally have been closing that hedge out this morning. Finally seeing some strength creep back into LINK/BTC. The link marines lost the battle but might win the war.”
Image Courtesy of DonAlt. Source: LINKUSD on TradingView.
The coming few days should shed some serious light on where the cryptocurrency will trend in the weeks ahead.
Featured image from Unsplash. Charts from TradingView.