Thursday, November 26, 2020
Home News BTC Chainlink (LINK) Surges 15%—and Analysts Think There’s More to Come

Chainlink (LINK) Surges 15%—and Analysts Think There’s More to Come

Chainlink (LINK) has embarked on a strong recovery over the past 24 hours after plunging over 50% from its all-time high set in August. The coin now trades up 15% in the past 24 hours, meaning it’s on the verge of reclaiming the $10 support level.

LINK’s recovery comes as Bitcoin has undergone a strong bounce after dipping under $10,200 on Wednesday. BTC now trades at $10,700 as of this article’s writing, just around 5% above those lows.

Analysts think that Chainlink has room to move higher after the surge.

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

Chainlink Has Room to Rally After 15% Surge

LINK may have further to surge after already gaining 15% in the past 24 hours according to top analysts.

One historically accurate analyst that predicted Bitcoin would undergo a V-shaped reversal in the middle of March’s crash recently said that LINK is primed to return towards its all-time high. He said on the matter:

“Stinkbids on $LINK at $8-9 and accumulating some now around $10. Invalidation if price starts fucking around below stinkbids & will build more size if trend confirms. I think this is going to $28-32 on the next run. $BTC pair also looks ready to turn around soonish.”


Chart of Chainlink's price action over the past few weeks with analysis by crypto trader Bitcoin Jack. Chart from

This has been echoed by other analysts in the space.

Edward “Teddy” Cleps echoed the optimism, sharing this chart below. The chart accentuates that LINK’s ongoing rally is the coin defending a critical technical level.

The chart seems to suggest that since LINK held the support of $7.90-8.00, it may be cleared to rally towards $13, then above and beyond if it can also claim that level.



Chart of Chainlink's price action over the past few weeks with analysis by crypto trader Edward "Teddy" Cleps. Chart from
Related Reading: Critical On-Chain Signal Predicts That Bitcoin’s Next Move Will Be Upward

All Eyes on Bitcoin

Bitcoin’s price action, though, is likely to dictate the price action of altcoins moving forward. While LINK’s correlation with BTC is not perfect, the leading cryptocurrency should lead all altcoins.

Bitcoin remains in no man’s land as noted by a number of analysts. The cryptocurrency has failed to secure $11,000 as support but remains above the low-$10,000s, where a number of corrections have stopped over the past three weeks.

Bitcoin established a direction from here is likely to establish Chainlink’s overall directionality.

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) Surges 15%—and Analysts Think There's More to Come

Popular Articles

Charted: Ripple (XRP) Retreats Sharply, $0.50 Is The Key For Next Increase

Ripple retested the $0.7500 resistance level before a sharp decline against the US Dollar, similar to bitcoin and ETH. XRP price is holding the...

Ethereum Has Entered a New Bull Market as ETH is Dwarfing Everything in the Crypto Space

Although Ethereum’s price has slightly corrected in the past 24 hours, ETH is still trading up by 262 percent year-to-date. Ethereum has reached a...

OKEx announces impending reopening of withdrawals

After a month of confusion and wariness, OKEx users have finally received the response they have waited for. A few days after popular crypto-exchange...

Coinbase cries ‘false’ as it pre-empts NYT story alleging racial discrimination

A day after popular crypto-exchange Coinbase announced that it will be suspending margin trading in light of recent regulations, the exchange is in the...

Bitcoin Falls as Mnuchin [Reportedly] Plans to Regulate Private Wallets

Bitcoin prices crashed by almost $1,000 on Thanksgiving eve, logging their worst declines in three weeks as traders grappled with overbought conditions and rumors...

Mike Novogratz says Bitcoin Volatility Will “Smooth Out” Due to One Major Factor

As Bitcoin’s price has continued to rally in the past few weeks, many have been discussing the future outlook of the cryptocurrency’s price. Bitcoin...