Chainlink (LINK) has been one of the best performing major cryptocurrencies of the past year, setting fresh all-time highs in 2019 while most major altcoins were still facing immense bearishness that spilled over from the 2018 market crash.
LINK’s ability to post a parabolic surge in 2019 was not fleeting either, and although it did retrace about half of these gains, it was still able to end the year up 500 percent from where it started.
This immense bullishness may be far from being over, as the cryptocurrency is now showing signs of potentially being in the early stages of another parabolic rally that allows it to post some significant and noteworthy gains, and there are a few key levels that analysts are closely watching.
Chainlink Outperforms Bitcoin and Other Major Cryptocurrencies
At the time of writing, Chainlink is trading up at its current price of $2.15, which marks a massive climb from its daily lows of $2.05 that was set around yesterday at this time.
Since the start of 2020, LINK, like most other cryptocurrencies, has been caught within a firm uptrend that has allowed it to climb from lows of $1.70.
Today, however, Bitcoin has led the aggregated crypto market to incur some downside, with BTC dropping 4 percent while many major altcoins post losses of 3 percent or more.
Currently, LINK is trading up 4.65 percent against BTC and 4.06 percent against ETH. At the moment, it does not appear that the instability currently being expressed by the aggregated markets is enough to phase Chainlink’s buyers.
Could Link Soon Enter a Fresh Parabolic Phase? One Analyst Thinks So
LINK has incurred multiple parabolic rallies of varying sizes throughout 2019, and Bitcoin Jack – a popular cryptocurrency analyst on Twitter – believes that the crypto could be gearing up for another big movement.
He explained in a recent tweet that its strong bounce from its BTC support level could mean that it will soon revisit its multi-month highs at roughly 0.0004 BTC, marking a large climb from its current price of 0.00026 BTC.
“It’s always good to see some engulfing action after interaction with your support level. $LINK bounced 15 percent from support, hopefully it’s the sign of strength we are looking for,” he explained while pointing to a chart marked with the crypto’s support and resistance levels.
Chainlink does have a tendency to start parabolic trends independent of both Bitcoin and the aggregated crypto market, which means that this next rally could come about regardless of whether or not bulls are able to push BTC higher in the near-term.
Chainlink, currently ranked #17 by market cap, is up 0.41% over the past 24 hours. LINK has a market cap of $752.21M with a 24 hour volume of $187.12M.
Chart by CryptoCompare
Posted In: Altcoins, Analysis, Price Watch
Credit: Source link