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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

This “Green Wave” is About to Lift Chainlink Significantly Higher, Claims Analyst

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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Bitcoin’s recent upsurge is finally proving to be beneficial for altcoins, as many have been able to post notable gains throughout the past day, including Chainlink.

LINK has been one of the best performing major altcoins over the past 48 hours, as it has put some serious distance between its current price and its recent lows.

This strength isn’t too surprising, as the cryptocurrency tends to outperform the market during uptrends.

It does appear to be consolidating at the moment, however, as bulls have been struggling to propel it past $12.00.

The resistance sitting at this price region is significant. Unless Bitcoin or Ethereum trend higher today and create a tailwind for the rest of the market, it is unclear whether bulls will easily surmount it.

One analyst is noting that Chainlink is entering a fresh uptrend – according to one indicator.

While pointing to the crypto’s Renko candle chart with a guppy indicator overlaid, he observed that its trend is turning green for the first time in ages, which indicates that another parabolic move higher is brewing.

Chainlink Consolidates Below $12.00 as Buying Pressure Ramps Up

At the time of writing, Chainlink is trading up just over 1% at its current price of $12.05. This is around where it has been trading for the past 24 hours, as bulls have been ardently trying to secure its position within the $12.00 region.

It is important to note that each push above this level has resulted in selloffs that send it down towards $11.80.

With Bitcoin and Ethereum both consolidating, it is unclear whether LINK will see any serious near-term momentum.

Analyst: LINK is About to Enter a New “Green Wave”

One analyst explained that Chainlink’s recent surge has been significant for its market structure.

He points to its guppy indicator turning green for the first time in ages, noting that this suggests a “green wave” is imminent – indicating that it will soon see significantly further gains.

“LINK has emerged from the cloud of red. On to pasture new, and greener. I’m not looking for specific targets (aside from the near term retest of $11.50 and an upper resistance of $13). The green wave is what I’ll ride.”

Chainlink

Image Courtesy of Cold Blooded Shiller. Source: LINKUSD on TradingView.

Bitcoin and Ethereum will likely continue guiding the entire altcoin market, making it vital for Chainlink that they break out of their consolidation phase and push higher.

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

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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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