It is the best kept secret in the crypto markets that Chainlink (LINK) is among the top performing digital assets in 2019 and 2020.
It has seen intense gains far above that of Bitcoin and virtually any other digital asset.
That strength is also unwavering as LINK climbs to new all-time highs earlier today as its buyers aim to send them past $ 10.00.
Analysts also don’t expect the cryptocurrency’s uptrend to end anytime soon, as a technical pattern now suggests it could soar to $ 11.50 in the coming days.
One trader even notes that a “moon shot” could cost as much as $ 13.75 – though that would require a perfect storm of factors.
This obvious strength comes from the fact that the aggregated cryptocurrency market is facing some weakness and LINK is again decoupling from Bitcoin.
Chainlink is showing signs of strength as analysts continue to look up
At the time of writing, Chainlink is trading over 4% at its current price of $ 9.62.
This is a massive surge from recent lows of $ 7.40 recorded this past weekend when the entire cryptocurrency market was in intense sell-off.
Unlike Bitcoin and the rest of the market, however, LINK’s price rebounded almost instantly after that sell-off – causing it to jump from $ 8.30 to $ 7.40 before rising to $ 8.80.
After this rebound, the cryptocurrency consolidated for a few days before extending its uptrend last night.
Chainlink is now trading at new 2020 highs and is just a stone’s throw away from breaking above $ 10.00 for the first time in its history.
An analyst recently stated in a press release that it believes a break above this key price level is imminent in the near term, but that it may need to consolidate around the current price level first.
He also notes that this move was catalyzed by the break above his high timeframe resistance at $ 8.70.
“LINK is taking a breather here before it costs USD 10.00. It was only a matter of time after a break and closed above $ 8.70. “
Analyst: LINK could soon rise towards USD 11.50
While discussing where Chainlink might go next, another analyst stated that there could be a “rounded continuation” into new highs that would lead into the $ 11.25-11.50 region.
“LINK either AB = CD or rounded continuation to new highs, similar targets in the $ 11.25-11.50 range.”
Image courtesy Jonny Moe. Chart over TradingView.
The same analyst added that in a perfect scenario, the same pattern could bring the LINK to $ 13.75, although that would be a “moon shot” and would require a confluence of several different elements.
Featured image from Unsplash. Charts from TradingView.
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