Chainlink To $4: Will We See New Gains With Today’s Correction

Even though the Chainlink price has shown that LINK is one of the most bullish cryptocurrencies in 2020 and a coin that has been able to retrace with gains of more than 100% since March, there are some rough times in the cryptonews now for the LINK token. Right now, many people are wondering about a Chainlink to $4 scenario and whether this could be achieved in the next couple of days.

In the rally that was initiated over the past couple of days, the LINK cryptocurrency managed to gain new points but not as much as the oldest brother in the market cap, Bitcoin (BTC). However, the crypto flashed some signs of immense short-term weakness after its bullish divergence was “destroyed” which led many analysts to watch for a significant pullback.

So, is the Chainlink to $4 a reality we should all hope for?

Well, for now, the Chainlink news show a positive traction and profits as the day starts. Analysts are bullish and hoping that the LINK token will rise soon and breach the $4 mark. The technical analysis also shows that after the notable losses in Bitcoin, LINK could move upwards and there could be another notable uptrend very soon.

At the time of writing, the Chainlink price is trading up and at $3.88. The Chainlink to $4 is a path that many people will follow today. LINK has also declined nearly 6% against its Bitcoin trading pair yesterday, which is how it underperformed in the altcoin news.

However, all of that is changing today and the Chainlink LINK price is in the green again. This is why the Chainlink to $4 is a trajectory to watch out for. According to a recent tweet by one analyst, the previous bullish divergence which was bolstering the Chainlink buyers has since been “destroyed” which opened the gates for further downside.

$LINK #CHAINLINK

Well, the bullish divergence got destroyed last night haha.

Still thinking we'll see a decent bounce on $LINK soon, whether or not we'll be hitting 39500 sats first. pic.twitter.com/ygt77OgaFm

— Crypto Michaël (@CryptoMichNL) April 30, 2020

Both of these support levels now sit below the current price of Chainlink and balance the profits made today. According to one analyst, similar short term targets such as the Chainlink to $4 scenario are probably coming. He labeled LINK as a hero with a potential increase due in the coming few days.

Not all heroes can break rising wedges upwards.

Ultimate long entry would "level A" also 0.786 of latest price structure invalidation below.$LINK pic.twitter.com/EONBLsFyHu

— Teddy (@TeddyCleps) April 30, 2020

Anyways, both of the support levels sit well below the current price of LINK and at around $3,70, while the resistance level to watch out for now is the $4 mark.