Chainlink (LINK) sees such a bullish signal for the first time in history, according to analyst.
Chainlink (LINK) is consolidating in the $ 12 region after its recent rise. The breakout in this price zone has been significant, and where the next trend will be likely will depend on the resistance response at $ 13.00.LINK managed to climb to this resistance level yesterday before facing selling pressure that led to a sharp sell-off. The bulls have since managed to guard against any downside, and a rapid increase followed each drop to $ 12. This indicates that the bulls still have some power and also the new short-term trading range is between $ 12.00 and $ 13.00.
Rise on the Horizon
One trader now points to many different factors that show how bullish Chainlink is currently, and points out that its use, ongoing development activities and market structure contribute to the bull bias.
Trader goes further, stating that such a bull setup has never been seen in LINK’s history, saying he sees a sign of significantly more gains on the horizon.
Struggles As Resistance Increases
Chainlink is trading at its current price of 12.07. This marks a notable decline from its daily high of $ 13.00. The resistance here is somewhat significant as it triggers a divestiture reaching as high as $ 12.00 before the bulls can rise at this level and form support. As Bitcoin and other major altcoins are all entering the stages of consolidation, it is very likely that Chainlink will continue to follow in its footsteps.
One analyst recently pointed to Chainlink’s recent core strength, noting that the combination of extremely positive technical developments with a strong market structure indicates that the increase is imminent:
“ I saw every candle in the LINK chart. I don’t remember any more uptrends in its history. The combination of technical and fundamental strength could significantly remove Chainlink in the coming days and weeks. To return to an all-time high of $ 20.00, the bulls must break the resistance at $ 13.00. “