{"id":5350,"date":"2020-11-06T21:00:48","date_gmt":"2020-11-06T21:00:48","guid":{"rendered":"https:\/\/www.newsbtc.com\/?p=449074"},"modified":"2020-11-06T21:00:48","modified_gmt":"2020-11-06T21:00:48","slug":"its-the-moment-of-truth-for-chainlink-as-price-taps-key-parabolic-trendline","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/its-the-moment-of-truth-for-chainlink-as-price-taps-key-parabolic-trendline\/","title":{"rendered":"It\u2019s the \u201cMoment of Truth\u201d for Chainlink as Price Taps Key Parabolic Trendline"},"content":{"rendered":"

Chainlink has flashed some immense signs of strength throughout the past few days, with the cryptocurrency rallying towards its $12.00 resistance as its price continues seeing immense upwards momentum.<\/p>\n

This strength also comes as the aggregated altcoin market<\/a> begins showing signs of strength, with buyers sending Ethereum’s price flying higher today as the DeFi sector also rebounds.<\/p>\n

This strength might just be getting started, and if today’s rally marks the start of a trend reversal amongst altcoins, there’s a strong possibility that blue-chip altcoins like Chainlink will be the first to see major inflows of capital.<\/p>\n

One analyst is noting that LINK’s recent bounce came about close on the heels of a visit to its parabolic trendline.<\/p>\n

The potent reaction it has posted to this level is encouraging and indicates that further upside could be imminent.<\/p>\n

Where it trends next will likely depend mostly on Ethereum and the rest of the cryptocurrency market. ETH’s key overhead resistance that bulls need to surmount sits at roughly $450.<\/p>\n

A break above this level will likely send altcoins like LINK exploding higher.<\/p>\n

Chainlink Rallies Following Recent Selloff; Shows Signs of Bottoming<\/strong><\/h2>\n

At the time of writing, Chainlink is trading up just over 7% at its current price of $11.78. This is around the price at which it has been trading throughout the past day.<\/p>\n

Earlier this week, the cryptocurrency dived to lows of $9.80. This buying pressure at this price was intense, and it was able to bounce here on multiple occasions.<\/p>\n

This could ultimately mark a long-term bottom, as buyers have sparked a relatively strong reversal throughout the past couple of days.<\/p>\n

Whether or not this reversal has long-term implications for the cryptocurrency’s price will depend largely on Ethereum and its reaction to the resistance it faces at $450.<\/p>\n

LINK Rallies After Tapping Key Trendline<\/strong> <\/strong><\/h2>\n

Chainlink is trading up more against Bitcoin<\/a> than it is against USD today, with BTC seeing a slight decline following yesterday’s $16,000 test.<\/p>\n

Today’s rally against LINK’s BTC trading pair came about shortly after it tested a key parabolic trendline.<\/p>\n

One analyst spoke about this in a recent tweet<\/a>, noting that the rebound could indicate that “legendary continuation” is imminent.<\/p>\n

\n

“Moment of truth here for LINK. Legendary continuation continues or is the run over?”<\/p>\n<\/blockquote>\n

\"Chainlink<\/p>\n

Image Courtesy of Jonny Moe. Source: LINKBTC on TradingView<\/a>.<\/pre>\n
Chainlink’s reaction to its $12.00 resistance, and Ethereum’s<\/a> reaction to its $450 resistance, should provide investors with serious insights into where the aggregated market will trend next.<\/p>\n
Featured image from Unsplash.\nCharts from TradingView<\/a>.<\/pre>\n","protected":false},"excerpt":{"rendered":"
Chainlink has flashed some immense signs of strength throughout the past few days, with the cryptocurrency rallying towards its $12.00 resistance…<\/p>\n","protected":false},"author":1,"featured_media":5351,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[55],"tags":[317,210,211,212],"class_list":["post-5350","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-crypto-news","tag-link","tag-linkbtc","tag-linkusd","tag-linkusdt"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/5350"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=5350"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/5350\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/5351"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=5350"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=5350"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=5350"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}