Chainlink’s immensely bullish uptrend came incredibly close to being invalidated last week during the market-wide downturn, but bulls have since been able to propel LINK higher and bolster its market structure.
One top trader is now noting that he is anticipating the crypto to see near-term upside.
This possibility could be further enhanced by bull’s ongoing attempt to push Bitcoin back into the $7,000 region, which could create an upwards tailwind that allows altcoins like LINK to incur serious momentum.
Chainlink Shows Signs of Bullishness After Narrowly Avoiding Invalidation
At the time of writing, Chainlink is trading down just under 3% at its current price of $3.51. The crypto is currently underperforming Bitcoin by nearly 2% and has not yet caught any notable momentum as a result of BTC’s push higher.
LINK has developed a tendency throughout the past few weeks of outperforming Bitcoin during uptrends and underperforming it during downtrends, which means that it’s short-term price action could be largely dependent on that of Bitcoin.
Per a report from NewsBTC last week, Chainlink was close to invalidating its recent uptrend when it moved towards the lower-$3.00 region on Wednesday in tandem with Bitcoin’s decline beneath $6,600.
As cited in the report, this plunge led analysts to grow cautious of being bullish on LINK.
“Breakout starting to lose strength – relatively close to invalidation,” one trader stated while referencing the chart seen below.
Image Courtesy of Teddy
It’s ability to put some significant distance between its current price and these lows has allowed it to invalidate this potential bearishness and bolster its market structure in the time since.
LINK Poised to Push Higher in the Coming Hours
In the near-term, analysts do seem to believe that Chainlink is poised to make another push higher.
One popular pseudonymous trader on Twitter recently updated a thread in which he detailed his plans to long LINK with a target within the $3.60 region, noting that he still expects it to push somewhat higher in the near-term if it can flip a key level.
“LINK Took 40% off and moved my stop to just under $3.51. Will re-add and compound if we flip this level.”
Image Courtesy of Loma
The level he is watching for LINK to flip into support exists at $3.56, although a failure for it to break above the resistance here could be enough to stop its rally from extending too much further.
Featured image from Unsplash. origin »
Chainlink has witnessed some intense volatility in recent days, with its strong macro uptrend stalling after it set fresh all-time highs of $20.00 earlier this week.
The post This on-chain metric suggests Chainlink is ready to extend its uptrend appeared first on CryptoSlate.
Tezos has been the rising star of the crypto market in 2019 and 2020, with its insane uptrend in recent months only being rivaled by that seen by Chainlink – which was also able to set fresh all-time highs earlier this year.
It’s no secret that Chainlink (LINK) has been one of the most bullish cryptocurrencies throughout both 2019 and 2020, with the altcoin incurring explosive momentum that it has been able to maintain in spite of the market-wide weakness seen throughout the past few weeks.
2020 has been a conflicting year for the entire cryptocurrency market. The altcoins have spent the last two weeks consolidating, with high sell-off market sentiment and no major breakout witnessed durThe post Chainlink, Ethereum Classic eye uptrend as Status's recovery stalls appeared first on AMBCrypto.
Chainlink (LINK) shocked cryptocurrency investors throughout 2019 and the early part of 2020, with the crypto incurring an unwavering uptrend that allowed it to post multiple parabolic cycles, rarely showing any signs of technical or fundamental weakness.
Throughout the course of the crypto market’s firm 2020 uptrend, Bitcoin’s steady climb has allowed most major altcoins to post decent gains, although none have come close to competing with those seen by Chainlink and Tezos.
ChainLink has been clearly outperforming the market which has only recently seen a decent bounce. The bounce for LINK started 3 days ago after hitting a low of $3.31. The digital asset saw a huge increase in trading volume and has been able to set a 4-hour uptrend after breaking above the 12 and 26-period […]
The uptrend seen by the aggregated crypto market throughout January began altering into a full-blown “altseason” in early February, when Bitcoin’s break above $10,000 allowing multiple cryptos including Ethereum, Chainlink, and Tezos to see massive...
Chainlink (LINK) has been one of the best performing major cryptocurrencies of the past year, setting fresh all-time highs in 2019 while most major altcoins were still facing immense bearishness that spilled over from the 2018 market crash.
Chainlink is on a tear, but it seems like LINK’s uptrend could be interrupted before it continues advancing. Chainlink technical analysis Since mid-December 2018, Chainlink went through an exponential bullish impulse that saw its price increase nearly 25-fold.
The short and medium-term outlook is in a bullish trend. Traders may consider buying at pullback area. LINK/USD Medium-term Trend: Bullish Supply zone: $4. 00, $4. 50, $5. 00 Demand zone: $2. 00, $1.
Another week, another round of Crypto Tidbits. Wow, what a crazy week it’s been for Bitcoin (BTC). Not only was the market absolutely absurd, with BTC finding itself riding on a proverbial rollercoaster, but so was the underlying industry.
Chainlink has a bullish short-term bias, with the LINK / USD pair holding towards its all-time high The four-hour time is now showing that bulls are in full control of price action The daily time frame is showing that a bullish pattern is close to reaching its upside objective Fundamental Analysis Chainlink’s uptrend momentum remains […]
The post Chainlink Price Analysis LINK / USD: Coinbase, Lift With Caution appeared first on Crypto Briefing.
April Update: Technicals LINKBTC daily chart doesn’t bode well for Chainlink. The price action is bearish and it appears Link is heading to the December/January support zone at 7647 sats. It has fallen through the weekly, long-lasting uptrend line (black line on the chart) which is a further confirmation of a intermediate bear trend for […]
The post ChainLink (LINK) Price Prediction 2019 – This Could be The Year of The Oracle (Late April Update) appeared first on CaptainAltcoin.
Chainlink (LINK), the oracle network powering smart contracts across the crypto landscape, is making waves with a recent surge in whale activity. Data reveals $216 million worth of LINK tokens withdrawn from the Binance exchange by a staggering 83 separate wallets, sending the token price on a parabolic trajectory.
On-chain data shows that a Chainlink signal that last preceded a 31% rally for the asset’s price has just reversed. Chainlink Age Consumed Metric Has Observed A Sharp Spike Recently According to data from the on-chain analytics firm Santiment, LINK has recently seen a significant movement from old coins.
Chainlink has registered some drawdown and has recently retested the $14 level. Here’s what might happen if support holds at this mark. On-Chain Data Suggests Resistance Is Thin At Higher Chainlink Levels As pointed out by analyst Ali in a new post on X, Chainlink is currently in a critical on-chain demand zone.
An analyst has pointed out how Chainlink might be breaking out of a bull flag right now, which could suggest a rally toward $20. Chainlink Is Escaping Out Of A Bull Flag Pattern Currently In a new post on X, analyst Ali pointed out a breakout that may be forming in the LINK price chart.
The Chainlink rally has slowed down recently; here’s what the various LINK on-chain metrics look like to see if the surge has hope of a restart. Chainlink Has Registered Some Drawdown In The Past 24 Hours Just during the weekend, Chainlink had been floating above the $16 mark, but winds seem to have shifted for the coin in the past couple of days, as it has registered some drawdown.
