Chainlink (LINK) Price Expected To Rise
Speaking about this latest move, an analyst signaled that Chainlink is currently one of the few major altcoins with a “strong bull bias” and that further increases could be imminent. In addition to rising above the cross resistance, the altcoin was able to climb above a horizontal resistance that suppressed the price action. As a result, a move towards an all-time high of $ 20 could be imminent.
Chainlink Breaks $ 16 Resistance
Chainlink is trading over 9% at its current $ 17 price mark, marking a massive increase since the daily lows below $ 15 set yesterday. When looking at the multi-day trading range of the cryptocurrency, it seems to have risen from a low of $ 13.50 just a few days ago.
It is important to note that LINK is currently facing a resistance at the $ 17 level as a visit to this price zone has catalyzed several rejections in the past few hours. Once this level is exceeded and converted to support, the cryptocurrency can launch another rally that sends it to an all-time high of $ 20.
Talking about the current rise of the cryptocurrency, an analyst stated that this recent rise has allowed Chainlink to smash multiple key resistance levels. As long as these levels are kept above for an extended period of time, they can act as a springboard helping to send Chainlink to its all-time high of $ 20. This rise can be further supported by the strength seen by Bitcoin and the mass crypto market.