The LINK price taps a key parabolic trend line as the asset formed make or break level by flashing some immense signs of strength over the past few days. The cryptocurrency rallied towards $12.00 resistance as the price continued seeing immense upwards momentum so let’s take a closer look at the chainlink coin news and analysis.
The strength in the crypto asset came as the aggregated altcoin market started showing signs of strength with the buyers sending the ETH price flying higher as the Defi sector started rebounding as well. the strength could be just getting started and if today’s rally marks the start of the trend reversal among altcoins, there’s a strong chance that the altcoins like Chainlink will be the first to see more inflows of capital. One analyst noted that LINK’s recent bounce came about close on the heels of visiting the parabolic trend line as the LINK price taps the level.
The strong reaction that it posted to this level is encouraging and shows that further upside could be imminent. Where it trends now will likely depend on Ethereum and the rest of the cryptocurrency market. Ethereum’s key overhead resistance that bulls have to surmount sits at $450. A break above this level will send altcoins like LINK shooting higher. At the time of writing, chainlink was trading up just over 7% with a current price of $11.78 which is around the same price at which it has been trading over the past day. Earlier this week, the cryptocurrency dipped into new lows of $9.80 with the buying pressure getting even more intense and ready to bounce on multiple occasions.
This could mark a long-term bottom as buyers sparked a new strong reversal over the past few days. Whether or now this reversal has long-term implications for the crypto’s price will depend on Ethereum and its reaction to the $450 level. Chainlink is trading up more against Bitcoin than USD today with Bitcoin seeing a slight decline after yesterday’s test at $16,000. Today’s rally against LINK’s BTC trading pair came about shortly after it tested the key parabolic trendline. One analyst spoke about this in a tweet noting that the rebound could indicate that legendary continuation is imminent:
“Moment of truth here for LINK. Legendary continuation continues or is the run over?”
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Discussion about this post