Chainlink Leads The Market Surge, Trading High From Its Recent Lows

Chainlink leads the market surge as the latest technical breakout spiked the price action with the help of the bulls. Bitcoin’s swift above $7,000 led the cryptocurrency market to increase with it and Chainlink leads the way.

The bullish cryptocurrency which usually moves parabolically is trading high from the recent lows that were sent yesterday and even saw fresh weekly highs. The on-chain data shows that the cryptocurrency is starting to break the Bitcoin correlation which is an occurrence that usually transpires before the asset starts a fresh parabolic uptrend. This also means that LINK saw a rally past week which could just be the phase of what is yet to come in the upcoming days and weeks ahead. Chainlink is trading under 12 percent of the recent price of $3.55 which means there was a notable increase from the recent lows of $3.10 that was set yesterday.

The rally also marked a strong extension of the uptrend in which the cryptocurrency has been caught within the past week as it is trading up dramatically from the start of April when the price was at a low of $2.25 which was set over the weekend. In the near-term, it is highly likely that the cryptocurrency will continue being boosted by the recent ascending triangle breakout. Another popular crypto analyst on Twitter under the name Teddy, explained the results of the technical breakout in the recent tweet saying that Chainlink is already trading up over 45 percent as per the confirmation of the bullish pattern:

 “The gift the keeps on giving, it clearly has no idea of what ‘correcting’ may mean. 45% since breaking resistance of ascending triangle.”

One interesting event was that the investors should be aware of is that the cryptocurrency is showing some strong signs of breaking the correlation with Bitcoin which is a bullish occurrence historically. According to data from the platform IntoTheBlock, the Chainlink correlation with Bitcoin has been dropping over the past two weeks leaving the period of being increasingly high. The decline shows that Chainlink is outperforming Bitcoin according to the charts so sharp drops in the crypto correlation with BTC seem to be correlated with a parabolic upside movement.