Chainlink Explodes Higher as Bulls Shatter Key Resistance Level; What’s Next
“LINK: Broke out of a long consolidation range. Retesting the P.O.B is where most traders will look to enter on a retest and/or add to positions with confirmation,” he said while pointing to the below chart.
Chainlink has been lagging behind the entire crypto market throughout the past few weeks, with it largely hovering within the lower-$10.00 region while many of its counterparts rallied.
This consolidation appears to have come to a firm end today, with bulls taking full control of its price action as they send it up towards its all-time highs.
It still has room to rally before it reaches the $20.00 region, which has long proven to be a resistance zone for the cryptocurrency. A firm break above could allow it to enter price discovery mode, sending it to new highs.
At the time of writing, Chainlink is trading up over 15% at its current price of $16.00. This marks a massive surge from its recent lows of $8.00 that were set in December when the entire market saw a flash crash.
From here, its price rallied until it reached the $14.00 region, which is around the time it began facing some intense resistance that slowed its growth.
The break above this level was significant and sent it flying up to its current price levels. Bulls are now trying to flip $17.00 as support.
One trader explained in a recent tweet that the recent breakout rally allowed Chainlink to shatter a multi-month trading range.
He notes that this could mean that a move up to its all-time highs of roughly $20.00 is imminent.
“LINK: Broke out of a long consolidation range. Retesting the P.O.B is where most traders will look to enter on a retest and/or add to positions with confirmation,” he said while pointing to the below chart.
The coming few days should offer significant insights into where Chainlink and other altcoins will trend next.
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