Chainlink Likely To See Higher Momentum As Bulls May Reach 18$
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Chainlink has seen a strong push higher over the past few days, with continued gains as Bitcoin and Ethereum have seen in past days.
This market-wide uptrend has proven to be very beneficial for altcoins, and many have seen tremendous gains over the past few hours as bulls seek to trigger a full-blown 2017-style uptrend.
Since Bitcoin is showing signs of strength, buying aggressively with every dip, there is a strong likelihood that further gains are inevitable.
This could bolster Chainlink, responding quite positively to the recent momentum seen across the market.
Traders also note that crypto may be on the verge of significant further gains due to its recent break above a critical trading range.
Bitcoin has created some serious uptrend for the aggregated crypto market, with many altcoins showing huge profits as bulls take full control of the market. This has helped immensely many coins like Chainlink.
Chainlink May Head to 18$ Link saw some massive momentum as the bulls push it above the critical resistance level that has long been slowing its rally.
Chainlink movement largely depends on Ethereum and the rest of the market. Any significant downturn is expected to have an incredibly strong impact on altcoins, which have been soaring lately.
Traders note that a channel breakout indicates further gains are imminent in the near term. Currently, Chainlink is trading at $ 14.81. This represents a slight decline from recent highs of nearly $ 15.75 on Binance, set just a day ago.
Overnight, the entire market faced an intense sell-off that sent it down to $ 13.78.
Buying pressure here has been significant and has allowed Chainlink to post a “V” recovery. Analysts See Serious Link Growth if such dips are bought so aggressively. One analyst now notes that Chainlink may be poised to see further gains in the near term due to its recent break above its crucial trading channel.
LINK now retesting broken upper channel, face-melting wave 3 to the likely upside trend here, if it reaches its target during its next higher wave, it could rise to $ 18.00 in the coming days and weeks.
I am the editor-in-chief of The Crypto Basic. Love to get involved in cryptocurrencies. I am in crypto since 2014. I like the way blockchain is progression, being adopted by large firms and in most parts of our lives. We are early adopters and followers of blockchain, and time will surely come when our success factor will be blockchain.
Originally published at https://thecryptobasic.com on November 23, 2020.