Chainlink explodes higher as analysts eye a return to its all-time highs

Chainlink explodes higher as analysts eye a return to its all-time highs

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.”

Chainlink LINK
Image Courtesy of Bagsy

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.”

Chainlink LINK
Image Courtesy of Satoshi Flipper

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

8 Feb at 12:56 am UTC

$3.33

14.64%

Chainlink, currently ranked #16 by market cap, is up 14.64% over the past 24 hours. LINK has a market cap of $1.16B with a 24 hour volume of $394.29M.

Chainlink Price Chart

LINKUSD Chart by TradingView

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