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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

Analyst: Chainlink Forms Most Bullish Setup Ever as Chance of Upside Grows

Cole Petersen
Cole Petersen
4 years ago
2 mins read

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Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Chainlink has been consolidating within the mid-$12.00 region following its recent surge higher.

The break into this price region has been significant, and where it trends next will likely depend on its reaction to the resistance established at $13.00.

Yesterday, it was able to surge to this resistance level before facing some selling pressure that sparked a sharp selloff.

Bulls have since been able to guard against any further downside, with each dip to $12.00 being followed by a rapid surge higher.

This indicates that bulls still have some strength and also highlights that its new short-term trading range exists between $12.00 and $13.00.

One trader is now pointing to many different factors that show just how bullish Chainlink is at the moment, noting that its utilization, ongoing development activities, and market structure all contribute to his bull bias.

He is even going so far as to state that he doesn’t recall a “more bullish setup in its history” – a sign that significantly further gains could be on the horizon.

Chainlink Struggles to Gain Momentum as Resistance Grows

At the time of writing, Chainlink is trading down just over 3% at its current price of $12.22. This marks a notable decline from its daily highs of $13.00.

The resistance here is somewhat significant, as it sparked a selloff that reached as far as $12.00 before bulls were able to step up and establish support at this level.

As Bitcoin and other major altcoins all enter consolidation phases, there’s a high likelihood that Chainlink will continue following in their footsteps.

Analyst: LINK More Bullish Now Than Ever

One analyst recently pointed to Chainlink’s recent fundamental strength, noting that the confluence of extremely positive technical developments coupled with a strong market structure indicates that upside is imminent.

“I’ve seen every candle on the LINK chart. I don’t recall a more bullish setup in its history. Arbitrum. Threshold sigs. Clause. Oracle Integration. De-Facto Oracle. Network Effect. Army of Autists. I honestly feel bad for no-linklets at this point,” he said while pointing to the below chart.

Chainlink

Image Courtesy of DeFiGod. Source: LINKUSD on TradingView.

The confluence of technical and fundamental strength could significantly lift Chainlink in the days and weeks ahead.

To lead it back towards its $20.00 all-time highs, bulls must shatter the resistance sitting at $13.00.

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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