- Chainlink has seen a sharp surge in the past few days, with its sustained surge coinciding with that of Bitcoin and Ethereum
- This market-wide uptrend has proven extremely beneficial for altcoins. Many have posted massive gains in the past few hours as bulls aim to trigger a full 2017 style uptrend
- With Bitcoin showing signs of strength and every dip being aggressively bought, there is a strong possibility that another uptrend is imminent
- This could help Chainlink, which has responded quite positively to the recent momentum in the market
- One trader also notes that due to its recent breakthrough above a major trading range, crypto could be on the verge of making significantly more profits
Bitcoin has created some serious tailwinds for the aggregate crypto market, with many altcoins seeing massive gains as bulls take full control of the market. Blue-chip altcoins like Chainlink have benefited greatly from this.
LINK has seen massive momentum pushed by bulls above critical resistance levels that have long slowed its growth.
Where the medium-term trends go will largely depend on Ethereum and the rest of the market, as a serious downturn is likely to prove particularly effective for altcoins that have rallied recently.
A trader notes that a channel breakout suggests another uptrend is imminent in the near term.
Chainlink shows signs of strength as Bulls Target $ 15.00
At the time of writing, Chainlink is trading a little over 3% at its current price of $ 14.96. This is a slight decrease from recent highs of nearly $ 16.00 set a day ago.
The entire market experienced an intense sell-off overnight, bringing it down to $ 13.80.
The buying pressure was significant here and enabled Chainlink to see a “V-shaped” recovery.
Analysts see serious LINK up when it publishes a channel breakout
An analyst is now under note that Chainlink could see further upward movements in the short term due to its recent breakthrough on a major trading channel.
“LINK is now retesting the broken upper canal and putting the melting wave 3 up, which is probably going on here.”
Image Courtesy of @SmartContracter. Source: LINKUSD on TradingView.
If it hits its target during its next higher wave, it could soar towards $ 18.00 in the coming days and weeks.
Featured image from Unsplash. Charts from TradingView.