Chainlink price could be on the cusp of seeing significantly further gains due to its recent break above a key trading range
The uptrend across the cryptocurrency market has proven to be very beneficial for altcoins. Among them, Chainlink price has seen a strong push higher over the past few days. Perhaps this momentum is coming from Bitcoin and Ethereum as these two cryptocurrencies show signs of strength; with each price drop being heavily bought, there is a high chance that another bull run is imminent. This could assist Chainlink, which has responded quite positively to dynamics recently seen in the market.
LINK/USD 4-hour chart | Source: TradingView
The Chainlink price shows signs of strength as bulls reach their target of $ 15
Not long ago, LINK was trading above $ 15, but at press time, Chainlink is trading around $ 14.51, up 19% over the past seven days. This marks a slight drop from its recent high of close to $ 16 set just a day ago.
According to crypto trader Smart Contracter, Chainlink may be willing to increase its price even further in the short term due to its recent breakout on a major trading channel. Chainlink can gain substantial gains due to its recent breakout across a major trading range.
Bitcoin has created some serious favorable conditions for the cryptocurrency market, with many altcoins delivering huge profits when the bulls take complete control of the market. This has brought great benefits to Chainlink.
LINK has seen some big momentum, with bulls pushing it above a key resistance level that has long slowed its growth. Its trend in the medium term will depend largely on Ethereum and the rest of the market, as any serious downturn is likely to prove to be of particular impact on the rising altcoins later this year.
The channel breakout shows that the uptrend is imminent in the near term. Overnight, the entire market faced an intense sell-off that dropped it to $ 13.8. The buying pressure here is substantial and allows Chainlink to offer a “V-shaped” rally.
Crypto trader Smart Contracter stated:
“LINK now retesting broken upper channel, face-melting wave 3 to the upside likely underway here.”
If it hits his target in the next wave higher, it could climb to $ 18 in the coming days and weeks.
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