Chainlink explodes higher as analysts eye a return to its all-time highs 🚨 This article is 5 years old...
Chainlink explodes higher as analysts eye a return to its all-time highs
2 min read
Updated: Feb. 8, 2020 at 12:56 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Chainlink has been one of the most bullish cryptocurrencies within the markets over the past year, with LINK incurring immense momentum in 2019 despite the aggregated market facing some intense downwards pressure.
This momentum is showing no signs of slowing down, and analysts are now noting that they anticipate the cryptocurrency to soon see a movement back up towards its previously established all-time highs.
This optimism from analysts is coming as the crypto shows signs of starting yet another massive parabolic uptrend.
Chainlink incurs more explosive momentum as LINK surges 14 percent
At the time of writing, Chainlink is trading up just under 14 percent at its current price of $3.30, which marks a notable climb from daily lows of $2.85.
This intense uptrend appears to be independent of the aggregated crypto markets, as Bitcoin and most other major altcoins are currently trading up marginally as they widely push against key resistance regions.
LINK’s surge today marks an extension of the massive momentum that was incurred on January 3rd when the crypto began its ascent from lows of $1.85.
Chainlink has now rallied past is previous parabolic cycle highs of just over $3.00 that were set in November of 2019, and it does appear to be targeting a movement back to its all-time highs of well over $4.00 that were set in late-June of last year.
Bagsy, a prominent crypto trader, noted that LINK’s immense bullishness could easily lead it to continue surging until it reaches its ATHs within the upper-$4.00 region.
“LINK/USD Looking very bullish. There isn’t much stopping it from retesting the highs at 4.79.”
Analysts concur: LINK is bound for a movement to $4.00
Bagsy isn’t the only analyst that believes Chainlink could soon extend its bullishness until it breaks above $4.00.
Satoshi Flipper, another prominent cryptocurrency analyst, explained in a recent tweet that Chainlink recently broke above the upper boundary of a bull flag that it had been caught within, leading him to believe that a rally to $4.00 is imminent.
“That’s going to be a sweet 20% move to $4.”
Because LINK has a history of making parabolic movements, it does appear to be highly likely that this ongoing surge will extend further, and its firm independent momentum could mean that it will move towards its previous highs regardless of how Bitcoin and the crypto markets trend.
Chainlink Market Data
At the time of press 12:56 am UTC on Feb. 8, 2020, Chainlink is ranked #16 by market cap and the price is up 14.64% over the past 24 hours. Chainlink has a market capitalization of $1.16 billion with a 24-hour trading volume of $394.29 million. Learn more about Chainlink ›
Crypto Market Summary
At the time of press 12:56 am UTC on Feb. 8, 2020, the total crypto market is valued at at $278.24 billion with a 24-hour volume of $127.79 billion. Bitcoin dominance is currently at 64.00%. Learn more about the crypto market ›
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Chainlink is a decentralized oracle network that connects smart contracts on the blockchain to real-world data.
