Here’s why LINK could reach $ 20 as the price just sets new ATH at $ 8.7
LINK’s multi-year growth trend showed no signs of faltering as it continued to race higher. Despite facing a strong rejection in the mid-$8 area earlier this week, LINK has risen above this level and established the new ATH at $ 8.7.
Analysts are currently noting that this momentum could last significantly longer in the coming days and weeks.
LINK sets a new ATH
Earlier this week, as LINK rallied to the $ 8.5 high, many analysts suspected that it would begin to lose momentum.
In a short time, they were right. The cryptocurrency then retreated to the $ 6.8 low before a large buying pressure-flow appeared to allow it to expand further.
In the time since reaching these lows, LINK has gradually increased higher. Earlier today, the momentum reached its boiling point as the bulls pushed it past the previous high.
At the time of writing, Chainlink is trading up to more than 8%, with the current price at $ 8.6.
Although it appears to be facing some resistance at the current price, it is important to note that the strong trend is pushing it higher without showing any signs of fluctuation.
Analyst “Jonny Moe” recently pointed out the formation of a “cup and handle” pattern as a factor that could help promote higher LINK.
For this model to have any real effect on LINK’s price action, the bulls must keep the price above $ 8.5 before closing daily.
— Jonny Moe (@JonnyMoeTrades) July 15, 2020
Analyst targets $ 20
While talking about the basic power of LINK, another respected analyst explained that as long as Bitcoin remained stable or higher, there was no reason preventing LINK from entering the two-digit price area.
It would be conservative even, considering we just broke out of a major range.
— Cantering Clark (@CanteringClark) July 15, 2020
If LINK price continues to push higher and surpass the $ 20 level, it will likely help create a tailwind that allows other altcoins also to increase sharply.
You can see the LINK price here.
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