Thursday, November 26, 2020
Home News BTC Chainlink (LINK) Presses Past $10 as Weekly Chart Remains Bullish

Chainlink (LINK) Presses Past $10 as Weekly Chart Remains Bullish

Chainlink (LINK) has been one of the top-performing crypto-assets after its crash early last week. The coin is up 5% in the past 24 hours alone, outpacing Bitcoin’s 0% performance and Ethereum’s -1% performance.

LINK may have room to move even higher coming days as the technicals of the cryptocurrency remain in a bullish state.

Related Reading: MicroStrategy’s Stock Continues to Soar After Bitcoin Purchase

Chainlink Primed to Move Higher

Chainlink is primed to move higher despite stagnation in the price of Bitcoin and Ethereum, the two market leaders.

One crypto-asset analyst shared the chart below on September 26th. It shows that on a weekly scale, LINK remains in a positive position as it forms two crucial signs of a bullish trend: a hammer candle on the weekly chart and the weekly RSI flipping the midline into a level of support:

“This one is definitely not done here. In fact, I think we’re just getting started again. 1. Weekly candle shows a MASSIVE hammer candle (indicates reversal). 2. Weekly RSI flipped the midline to support. Solid,” the trader said in reference to the chart seen below.


Chart of LINK's price action over the past few years with analyst JJCycles on Twitter. Chart from

Another analyst echoed this but drew attention to the asset’s short-term prospects.

The charts he shared indicate that Chainlink just invalidated a short-term bear pattern. This invalidation came as LINK has continued its ascent to the upside, recently holding $10 and continuing higher.

Related Reading: Critical On-Chain Signal Predicts That Bitcoin’s Next Move Will Be Upward

Could Lead to a DeFi Rally

Analysts say that strength in the value of LINK could result in a wider rally in the value of decentralized finance altcoins.

Kelvin Koh, a partner at The Spartan Group, said in late August that it may be that LINK and BAND actually precede price action in the rest of the DeFi market:

“Oracles led the previous leg of DeFi rally on the way up and then on the way down. If today’s move in $LINK and $BAND is any indication, the next rally for the broader DeFi space should follow.”

This was the case earlier this year when Chainlink  and BAND saw strong moves higher despite weakness in the rest of the market.

Related Reading: Ethereum Transaction Fees Surge to All-Time Highs After Uniswap Launch
Featured Image from Shutterstock
Price tags: linkusd, linkbtc
Charts from
Chainlink (LINK) Presses Past $10 as Weekly Chart Remains Bullish

Popular Articles

BTC dumps as Coinbase CEO mentions US regulations for crypto wallets

Veterans will say it’s the same story in a different dress. Bitcoin has, historically, been met by regulatory “FUD” or the prospects of a...

Yearn Finance announces another ‘merger’ with the Cream lending protocol

Two days after Yearn Finance (YFI) and Pickle Finance joined forces in DeFi’s first effective merger, Yearn founder Andre Cronje published details of another...

Coinbase warns users of connectivity issues due to Amazon AWS outage

Major United States-based cryptocurrency exchange Coinbase is experiencing “elevated error rates on some backend systems due to an AWS service outage" according to an...

3 Reasons Why Bitcoin Price Fell From $19,500 YTD High

Bitcoin fell Thursday as a plethora of negative fundamentals catalyzed selling sentiments across the entire cryptocurrency market. #1 Overbought The BTC/USD exchange rate was trading at...

MicroStrategy’s Bitcoin Bet Loses $100 Million in a Single Day

In brief MicroStrategy has lost over $100 million dollars on its Bitcoin investment. Bitcoin's price dropped by 14% in the last day. Despite the loss, MicroStrategy's Bitcoin...

Questionable Algorithms Cast Doubt Over Blockchain Analytics Firms

Advertisement     As the blockchain sector continues to break new boundaries and create innovative solutions, more and more analytics firms are cropping up to help...