{"id":5399,"date":"2020-11-09T23:00:53","date_gmt":"2020-11-09T23:00:53","guid":{"rendered":"https:\/\/www.newsbtc.com\/?p=449312"},"modified":"2020-11-09T23:00:53","modified_gmt":"2020-11-09T23:00:53","slug":"chainlink-could-soon-rocket-towards-16-50-as-bulls-stay-in-control","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/chainlink-could-soon-rocket-towards-16-50-as-bulls-stay-in-control\/","title":{"rendered":"Chainlink Could Soon Rocket Towards $16.50 as Bulls Stay in Control"},"content":{"rendered":"

Chainlink’s price action as of late has been quite positive, with bulls shattering the resistance that previously sat around $12.00 and gaining momentum as the aggregated DeFi sector rebounds.<\/p>\n

The cryptocurrency has held up quite well today despite some turbulence seen by Bitcoin and Ethereum.<\/p>\n

The latest selloff seen by the benchmark cryptocurrency<\/a> has come about due to positive news regarding the efficacy of a vaccine from Pfizer.<\/p>\n

This news struck a blow to safe-haven assets, as it suggests that the global economic turmoil could soon come to an end.<\/p>\n

Altcoins haven’t been hit too hard by this news, signaling that investors are growing more comfortable adding on risk by gaining exposure to high beta assets.<\/p>\n

Chainlink is still on track to test its next key resistance at $13.00, and one analyst is noting that it could soon see significantly further momentum.<\/p>\n

He is specifically watching for a move up towards $16.50, noting that it is still trading well-within a large triangle formation, and this marks the upper boundary of that pattern. A break above this level could lead to significantly further gains.<\/p>\n

Chainlink Stable Below $13.00 as Bulls Guard Against Downside<\/strong><\/h2>\n

At the time of writing, Chainlink<\/a> is trading down just over 1% at its current price of $12.60. This is around where it has been trading throughout the past couple of days.<\/p>\n

Last week, in tandem with the massive rallies seen by Yearn.finance’s YFI and other blue-chip DeFi tokens, LINK saw a sudden upswing that sent its price towards $14.00. The rejection here was intense and kicked off the ongoing consolidation phase.<\/p>\n

Where it trends next will depend largely on whether or not bulls can surmount the selling pressure that exists at $13.00.<\/p>\n

Analyst: LINK Likely to Surge Towards $16.50 Next<\/strong><\/h2>\n

One trader recently offered<\/a> an extremely bullish outlook on the cryptocurrency’s near-term price action<\/a>, noting that it has yet to post any significant breakout and could soon rally towards $16.50 before finding any resistance.<\/p>\n

A break above this level would cause it to break out of a bullish triangle formation it is currently caught within and lead to significantly further upside.<\/p>\n

\n

“Friendly reminder: LINK is another one that hasn’t even broken out yet and has a very strong Daily & Weekly chart. I’ll begin to take some profits on longs at $16.5. When LINK gets going…. it goes.”<\/p>\n<\/blockquote>\n

\"Chainlink\"<\/p>\n

Image Courtesy of UB. Source: LINKUSD on TradingView<\/a>.<\/pre>\n
The coming days should provide some serious insights into where the cryptocurrency will trend in the next few weeks.<\/p>\n
Featured image from Unsplash.\nCharts from TradingView<\/a>.<\/pre>\n","protected":false},"excerpt":{"rendered":"
Chainlink’s price action as of late has been quite positive, with bulls shattering the resistance that previously sat around $12.00 and…<\/p>\n","protected":false},"author":1,"featured_media":5400,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[55],"tags":[317,210,211,212],"class_list":["post-5399","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\/5399"}],"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=5399"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/5399\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/5400"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=5399"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=5399"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=5399"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}