Chainlink rebounds from levels slightly under $10 and gains momentum.
Analyst predict LINK might surge towards $16.50 soon
Recently, the king cryptocurrency Bitcoin jumped from $10,600 to $15,600. Following that, the price has encountered massive resistance and the buyers and sellers have started engaging in a tug of war for control.
Similarly, major altcoins are struggling to gain bullish momentum, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA.
Chainlink is among the best-performing digital assets in the market as the new week commences. LINK price has increased its price to $ 12.55, after a 9% rise in the past week.
According to CoinGecko data, the market value of LINK increased to $ 4.23 billion and again placed Chainlink in the top 5 among the most valuable cryptocurrencies.
According to the data published by Whale Alert, which monitors the transactions on the blockchain, 412 thousand 70 Chainlink (LINK) transferred from an unknown wallet to an unknown wallet with a value of over 5 million 300 thousand dollars.
The latest selloff seen by the benchmark cryptocurrency has come about due to positive news regarding the efficacy of a vaccine from Pfizer.
Chainlink to Surge and Hit $16.50 ?
While Chainlink price is still on track to test its next key resistance at $13.00, one crypto analyst with a twitter handle CryptoUB believes that it could soon see a significant bull rally.
The analyst is specifically watching for a move up towards $16.50, noting that it is still trading well-within a large triangle formation, and this marks the upper boundary of that pattern. A break above this level could lead to significantly further gains.
Another Analyst Kevin Svenson in his recent Twitter post claimed that Chainlink is set to test new peaks.
Recently, in the month of August, the chainlink price had reached all-time highs of $19.83. Currently, the crypto hovering around $12 after the cryptocurrency momentum slowed in the wake of DeFi’s short-term collapse.
Svenson claims that breaking the $13 mark consistently could see further heights very soon.
Chainlink Price Analysis
At the time of writing, LINK is trading at $12.70 with minor gains. Chainlink is currently holding a market cap value of $4,971,002,937 with $1,752,508,466 trading volume.
Chainlink (LINK) is following a bullish path above the USD 12.00 and USD 12.20 support levels. It even settled above USD 12.80 level and it is eyeing more gains above the USD 13.00 level. The next stop for the bulls could be USD 13.60, above which the price might test the USD 14.00 resistance zone.