Chainlink has continued seeing incredibly strong price action despite some tempered signs of weakness within the aggregated crypto market.
The strong token is now breaching into the double-digit price region for the first time in its history, with this marking a massive rise from its multi-week lows of $7.40 that were set in late-August.
Analysts are now noting that it is beginning to push against some heavy resistance – according to once technical indicator.
Nevertheless, its current strength may quickly degrade the selling pressure it is facing and open the gates for a rally up towards $12.50 in the days and weeks ahead.
Although Bitcoin and most other major altcoins are beginning to slide lower due to not being able to break above their current resistance levels, LINK’s intense strength may allow it to continue rallying higher regardless of how the rest of the market trends.
Chainlink Pushes Towards $10.00 as Strength Mounts
At the time of writing, Chainlink is trading down just over 2% at its current price of $9.95. Earlier today, the cryptocurrency was able to shatter the resistance it previously faced around $10.00, subsequently rallying as high as $10.40.
It did face some intense selling pressure here, however, which slowed its ascent and subsequently caused it to retrace down to its current price levels.
This uptrend marks a massive extension of the momentum that was first incurred when the cryptocurrency ran from lows of $7.40 in late-August.
From this point on, its buyers have been in full control of its price action, and it isn’t showing many signs of weakness.
One analyst explained in a recent tweet that he is expecting it to test its previous resistance level as support before continuing higher. This level sits at $8.50.
“Much the same for LINK represented on Renko. Showing signs of slowing in this region most similar to the recent pullback. Resistance/Support flip clearly laid out with the expectation to want to long from somewhere near that region (granted we usually see strong wicks).”
Image Courtesy of Cold Blooded Shiller. Chart via TradingView.
Analyst: LINK is Now Poised to Climb Towards $12.50
As for where the cryptocurrency might trend next, another analyst explained that he is watching for a move up towards $12.50 in the days and weeks ahead.
“Chainlink: Congratulations, target reached around the 1.618 Fibonacci level. What’s crucial to hold? $9.75 area. If that holds, the path is open towards $12-12.50. Otherwise I’ll be heavily interested around $8.70,” he noted.
Image Courtesy of Crypto Michael. Chart via TradingView.
Unless LINK incurs an unexpected influx of selling pressure, it is highly likely that it will soon set even higher highs.
Featured image from Unsplash.
Charts from TradingView.
Go to Source
Author: Cole Petersen