LINK Rally Towards $13.60 Is Possible As Bulls Build Strong Support

A LINK rally towards $13.60 is quite possible as the bulls are building a strong support base, following Ethereum’s price action as of late. In our latest Chainlink coin news, we are reading more on the price analysis.

Chainlink was tracking Ethereum’s price action with the investors trading altcoins like LINK largely based on the ETH movements on the market. This made ETH essentially the benchmark index for altcoins with the overnight drop following the attempted rally which stroke a blow to many altcoins including LINK. Despite this, Chainlink’s bulls case remains strong despite the ETH trends in the near-term. The altcoin is now trading just above the strong base of support that was holding strong over the past week.

The LINK rally towards $13.60 could happen soon if the buyers continue defending against a break below the price region which could even lead to a stronger rally than the one posted yesterday. One analyst noted that a move towards the upper $13.00 region could be around the corner and the token technical strength has been growing in the past few days and weeks. The rally will mark a serious breakout and will place a move back to the all-time high of $20.00. at the time of writing, Chainlink is trading down by 5% at a price of $10.90. This marks a notable decline from the daily highs of $11.70 which was made yesterday in tandem with ethereum’s rally to $404.

The sharp decline that was seen by Bitcoin which sent it to the lower $13,000 region created headwinds which proved to be too strong for altcoins to other resistances causing them to lose the gains yesterday. Until Ethereum can rebound once again, there’s a strong chance that LINK could drift lower and potentially break below the key support in the mid -$10 region. While sharing his thoughts on Chainlink’s price action, one analyst explained that the strong support below the current trading level, shows that the price could see a sharp rise that will send it towards $14.00:

 “LINK – 3rd time’s the charm? I believe it’s mathematically impossible for my third long to not reach my target of $13.60s. Previous two longs were stopped at entry/slightly above…”

Because the crypto is still trading above the key support in the upper $10 region after the overnight decline, the trader thesis remains valid. With that said, it has to begin pushing higher or start building strength.