Chainlink has broken firmly above the USD 13.00 level that has been holding down price action in recent weeks. This is a remarkable breakout and suggests that the crypto is about to see significant further upward.
The price has stayed below this level for the past several weeks, and moving above this level today was a big step towards revisiting its previous record highs in the coming weeks.
Analysts are now freaking out on the cryptocurrency, with the ongoing upswing being bolstered by a combination of technical strength and tailwind created by the ongoing breakout of Bitcoin, Ethereum and the rest of the crypto market.
One trader looks specifically at the cryptocurrency and sees a sharp rise towards USD 14.00 in the near term, noting that the resistance here may slow the rise somewhat before seeing a breakout past USD 15.00.
With the entire crypto market looking strong, there is a good chance that significantly more upside potential could emerge in the coming weeks. Once it breaks above $ 15.00, a move back to its all-time high could be in the cards.
Chainlink Flashes Signs of Strength as Bulls Break USD 13.00 Resistance
At the moment of writing, Chain link is trading upward just over 2% at the current price of $ 13.31. The $ 13.00 level has remained strong several times in recent weeks as resistance.
Today’s break above this level is promising and indicates that bulls are in full control of price action.
Where the next trend develops will largely depend on whether this level can be reversed, as the ability to do so could help catalyze significant further momentum.
Analyst: LINK is likely to surpass $ 14.00 as buying pressure builds
While sharing his thoughts on where Chainlink could evolve in the short term, one analyst said explained that he looks forward to a move to $ 14.00, followed by a rally to $ 15.00.
“LINK – Heatmap. Turn it back turbo. I don’t see any reason to make a short LINK here, I fully expect him to hit that 13.8-14 resistance before mowing through to 15…,” he said as he turned to the targets marked on the map below.
Image Courtesy of NekoZ.
If this works out as he expects, the next few days could be incredibly positive for Chainlink, potentially bringing it back to $ 20.00. This will likely happen in conjunction with a higher push with the rest of the market.
Featured image from Unsplash. LINKUSD pricing data from TradingView.