Chainlink’s price action throughout 2019 and 2020 has been unprecedented, with the crypto incurring intense upwards momentum in spite of the turbulent price action seen throughout the aggregated market.
This firm uptrend has allowed the cryptocurrency to recently set fresh all-time highs against USD, with it just setting fresh all-time highs against its BTC trading pair yesterday.
Analysts are now noting that this uptrend is showing no signs of slowing down anytime soon, as it was just able to flip a previous resistance level into support that could help usher in significantly further upside.
Chainlink Blasts to Fresh All-Time Highs Against Bitcoin
At the time of writing, Chainlink is trading up over 4% at its current price of $4.20, which marks a notable climb from daily lows of $3.90.
The crypto’s massive uptrend has come about in the face of immense bearishness within the aggregated market, with Bitcoin and most other major altcoins incurring intense downtrends over the past week.
This strength has allowed LINK to set fresh all-time highs against its Bitcoin trading pair, with it currently trading at 0.00048 BTC – marking a notable climb from recent lows of 0.00044.
Although the bullish crypto has been able to set fresh all-time highs against its BTC trading pair, it is still trading down slightly from its recently established USD highs of $4.77.
Nonetheless, its recent rally against Bitcoin has generated buzz within the crypto industry.
“LINK Daily – Fresh highs,” crypto analyst Big Cheds noted while pointing to a chart showing its tremendous rise against BTC.
$LINK Daily – Fresh highs https://t.co/Q5ayhtdQTf pic.twitter.com/tV9bfNcsK9
— Cheds (@BigCheds) February 29, 2020
The Crypto’s Bullish Technical Situation Likely to Lead it Significantly Higher
Importantly, the cryptocurrency’s recent rally against Bitcoin has also led it to flip a previous resistance level into a support level, which is something that could bolster it significantly in the days and weeks ahead.
Crypto Michaël, another prominent cryptocurrency analyst on Twitter and a former trader at the Amsterdam Stock Exchange, spoke about this bullish occurrence in a recent tweet, insinuating that further gains could be imminent.
“LINK: Perfect S/R flip on the previous highs for support and instant 36% bounce to ATH. Buy the dip,” he bullishly noted.
Perfect S/R flip on the previous highs for support and instant 36% bounce to ATH.
Buy the dip. pic.twitter.com/aKfH0umCMX
— Crypto Michaël (@CryptoMichNL) February 29, 2020
Because Chainlink’s bears have failed to incur any notable strength throughout the course of its recent downtrend, with each dip being met with significant buying pressure, it is probable that its uptrend will extend further in the days and weeks ahead.
Featured image from Shutterstock.
