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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Chainlink is About to Shatter a Crucial Resistance Level as Analysts Eye $13+

Cole Petersen
Cole Petersen
1 year ago
2 mins read

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Created by industry experts and meticulously reviewed
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Chainlink has been flashing signs of immense strength throughout the past few days, rebounding from its recent lows alongside Ethereum and the aggregated DeFi sector.

Most of the cryptocurrencies associated with decentralized finance have posted large gains throughout the past couple of days, primarily coming about following Yearn.finance’s immense surge from its $7,500 lows that sent it as high as $18,000.

LINK is currently breaking above a resistance level that has been holding strong throughout the past couple of months.

If flipped into support, this level could help catapult the cryptocurrency back up to its all-time highs of $20.00.

One analyst is now noting that he is watching for a short-term move to over $13.00. He points to its ability to hold strong above all of its short-term time frames to justify this.

For it to see a sustained push higher, however, it will require that Ethereum and the DeFi sector remain strong as well, as any weakness across these assets could create a headwind that drives it lower.

Chainlink Gains Momentum as Market Trends Higher

At the time of writing, Chainlink is trading up nearly 8% at its current price of $12.70. This marks a massive surge from its recent lows of $9.70 that were set earlier this week.

It is also important to note that the cryptocurrency rebounded from a selloff seen yesterday, which sent its price down to lows of $11.50.

$12.00 was previously a strong resistance level that is now becoming support. The next key level that must be shattered is $13.00, as a break above this level could send it rocketing to fresh highs.

If a break above this level comes about in the days ahead, it will likely be due to sustained strength across Bitcoin, Ethereum, and the DeFi sector.

LINK to Soon Break $13.00, Claims Respected Analyst

While sharing his thoughts on where Chainlink might trend in the near-term, one respected analyst stated that a move to over $13.00 is imminent.

To justify this sentiment, he stated that the defense of its lower time frame support levels will help boost it.

“Held support on low-time frames. Was a great place to ‘buy the dip’ for Chainlink. LINK wants $13+.”

Chainlink

Image Courtesy of Josh Rager. Source: LINKUSD on TradingView.

The coming few days and weeks should provide some serious insight into the aggregated altcoin market.

Featured image from Unsplash.
Charts from TradingView.
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Cole Petersen
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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