LINK Bulls Stay In Control, The Price Could Rocket Towards $16.50

The LINK bulls stay in control and now the price could skyrocket towards $16.50 with the price action remaining positive lately. The bulls shattered the resistance that was previously set at $12.00 while gaining momentum as the aggregated Defi sector rebounded so let’s read more in the latest Chainlink coin news.

The cryptocurrency has held up well today despite the turbulence seen by BTC and Ethereum. The latest selloff seen by the primary cryptocurrency came due to the positive news regarding the efficiency of the Pfizer vaccine regarding the Coronavirus. The news struck a huge blog to the safe-haven assets as it suggested that the global economic turmoil could come to an end soon. Altcoins were not hit so hard by the news which signals that investors are growing more comfortable by adding risks or by gaining exposure to the high beta assets.

Chainlink is still on track to test the next key resistance at $13.00 with one analyst noting that it could see more momentum to the upside soon. He was specifically watching for a move towards $16.50 noting that it is still trading well within the larger triangle formation and that this marks an upper boundary of the pattern. A break above this level could lead to more gains on the upside. At the time of writing, Chainlink is trading down by 1% with a current price of $12.60 which is around the same level it was trading over the past few days.

Over the past week, in tandem with the massive rallies seen by Yearn.Finance’s YFI and other blue-chip coins, LINK saw a huge upswing that sent the price towards $14.00. the rejection there was intense and kicked off the ongoing consolidation phase. Where it will trend next depends on whether or not the bulls could surmount the selling pressure which is set at $13.00. As the LINK Bulls stay in control, one traded offered a bullish outlook on the near-term price action of the coin noting that it has yet to post more breakouts and could even rally towards the $16.50 before finding more resistance.

A break above the level could cause it to break the bullish triangle formation which is now caught in and lead to more upside gains:

 “Friendly reminder: LINK is another one that hasn’t even broken out yet and has a very strong Daily & Weekly chart. I’ll begin to take some profits on longs at $16.5. When LINK gets going…. it goes.”