LINK Formed Crucial Ascending Triangle, Eying Move To $15

LINK formed a crucial ascending triangle recently as all eyes are on the cryptocurrency while the market resumes its recovery. The price of the asset gained 25% in the past week and reclaimed the $13 support as buyers flooded back in so let’s look into the Chainlink price news today.

Chainlink is prime to move higher in the weeks ahead according to analysts. They cite positive fundamental trends and technical formations on the charts. Analysts are optimistic about chainlink as the crypto asset formed a short-term uptrend after dropping last week in tandem with other altcoins. One trader shared a chart where it shows that LINK is in the middle of forming an ascending triangle on the short-term timeframe. LINK formed a crucial ascending triangle which is a bullish chart pattern that is usually seen in the middle of the uptrends. They usually break higher after the asset taps the upper resistance.

If LINK follows conventional technical analysis rules, it will likely enter the $15 level once the ascending triangle breaks. There are other signs showing that altcoins are going to move higher in the upcoming days. the crypto asset analyst noted that with Uniswap’s liquidity mining period which is ending, and that there will be an influx of ETH entering the market. It is believed that there will be about $1.1 billion injected of ETH into the market.

While there could be some holders of these coins, some believe that Ethereum could be sold for altcoins. Chainlink is one of the most popular altcoins but could get some of these inflows again. The fundamentals for Chainlink are bullish but according to Santiment,a  leading crypto-asset and blockchain analytics firm stated:

“The development activity of $LINK has been rising, according to the #github data we track. Generally, when projects have an increase in their team’s true dev. rate as #Chainlink has, it’s a positive sign for the asset’s sustainability & longevity.”

The increased amount of development activity suggests that there could be an increase in the level of utility of LINK that could drive the price to the upside. Not to mention, Chainlink announced series of partnerships that should drive increased usage so with the new DeFi protocol, for example, announced that it has integrated the oracles as did many other protocols in the ETH ecosystem.