08:28Chainlink Likely to See an Impulse Higher as Bulls Break Key Range
Chainlink has seen a strong push higher over the past few days, with its ongoing rise coming about in tandem with that seen by Bitcoin and Ethereum
LINK has seen some massive momentum, with bulls pushing it above a crucial resistance level that has long been slowing its growth.
Where it trends in the mid-term will depend largely on Ethereum and the rest of the market, as any serious downturn will likely prove to be particularly impactful for altcoins that have been rallying as of late.
One trader is noting that a channel breakout indicates that further upside is imminent in the near-term.
Chainlink Shows Signs of Strength as Bulls Target $15.00
At the time of writing, Chainlink is trading down just over 3% at its current price of $14.96. This marks a slight decline from its recent highs of nearly $16.00 that were set just a day ago.
Overnight, the entire market faced an intense selloff that sent it down to $13.80.
The buying pressure here was significant and allowed Chainlink to post a “V-shaped” recovery.
Analysts Eye Serious LINK Upside as It Posts Channel Breakout
One analyst is now noting that Chainlink could be poised to see further upside in the near-term due to its recent break above a key trading channel.
Image Courtesy of @SmartContracter. Source: LINKUSD on TradingView.
If it reaches his target during its next wave higher, it could rally towards $18.00 in the coming days and weeks.
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