LINK edges higher after seeing some mixed price action in the past few days and weeks as Bitcoin’s strength grows as the sellers started taking control of the price. In our latest Chainlink coin news, we are taking a closer look at the price analysis.
The cryptocurrency is showing some signs of strength once the market started rebounding and climbing higher. One trader thinks that a move higher will be imminent in the near-term and it is now aiming to hit above $13.00 as the momentum starts building up. The trader thinks that the strength against the BTC trading pair is also considered a sign that the upside is imminent in the near-term. LINK has been on a wild ride in the past few days and weeks with the price tracking BTC down and dropping to lows of $17,600 while ETH dropped to as low as $528.
The buying pressure at these low levels proved to be intense and helped the coins see an explosive surge which sent them back towards their all-time high. LINK still has a way to rally before it reaches the all-time high in the lower $20,000 region but a move from here would be imminent as its technical strength starts shaping up according to the analysis. At the time of writing, LINK edges higher and is trading up over 6% with a current price of $12.95 which marks a notable climb from the lows at $11.60 that was set a few days ago.
The resistance seems to be intense as it rallied higher to $13.20 today before facing an influx of selling pressure which caused a price drop. It rebounded and could see notable gains once it is able to break its near-resistance level. One analyst explained that Chainlink will be on the edge of seeing more momentum in the days ahead and pointed out some strength that is trying to emerge while looking at the LINK/BTC trading pair.
“LINK: I’ve been non stop talking about using LINK shorts as a BTC hedge. I personally have been closing that hedge out this morning. Finally seeing some strength creep back into LINK/BTC. The link marines lost the battle but might win the war.”
The upcoming few days will shed more light on where the crypto asset will trend in the weeks ahead.
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