- Chainlink has seriously underperformed against Bitcoin in recent weeks, with crypto remaining well below its 2020 high despite Bitcoin’s strength.
- Many altcoins have seen similar performance as the proverbial ‘altseason’ investors look forward to remains elusive
- The cryptocurrency has seen a remarkable rebound in recent days, with the price appearing to hit a local low at around $ 13.00.
- This region has long stood as a support, and continued defense of it would allow significant further upside potential
- An analyst notes that the strength seen against Bitcoin and USD indicates that LINK may be ready to see further upward in the coming days
Chainlink has seen a notable rise from its recent lows, with the cryptocurrency soaring as bulls try to pin its recent lows as a long-term bottom.
Where the medium-term trends will no doubt depend on Bitcoin, Ethereum, and the rest of the market, but the strength of the ongoing rebound is promising and could be a sign of a trend shift.
An analyst now points to LINK’s USD and Bitcoin trading pairs, noting that it shows signs of strength against both.
This could mean that it will soon breach the main resistance it is currently testing.
Chainlink is showing signs of strength as bulls target the main resistance
At the time of writing, Chainlink is trading up more than 10% at the current price of $ 15.70. This marks a remarkable increase in are recent lows fixed a few days ago from $ 13.40.
Selling pressure around the current price has been significant as this has long proven a level of resistance for the cryptocurrency.
Another rejection here could be terrible, but if bulls can destroy this level, it could catalyze a parabolic move higher.
LINK is showing signs of strength against both BTC and USD
A trader recently mused the possibility that Chainlink will soon gain serious ground against both USD and Bitcoin.
The chart he offers shows an upward USD target of around $ 16.20, which would mark some serious upward move for the crypto.
“I like the view of LINK today, if the ground remains stable both the cash pair and the BTC pair are in very good shape for momentum upward.”
Image Courtesy of Cold Blooded Shiller. Source: LINKUSD on TradingView.
The next few days should shed some light on where the entire market should evolve next as altcoins like Chainlink are likely to thrive only as BTC and ETH can see continued stability.
Featured image from Unsplash. Charts from TradingView.