After a long period of consolidation, Chainlink (LINK), which started action to return to its all-time high, finally gave bullish signals. According to CoinMarketCap data, LINK has increased by 9% in the last 24 hours to $ 17. Ranking first among DeFi cryptocurrencies, LINK saw its all-time high with $ 19.85 on August 16.
The intense momentum that LINK is raising today is the result of the bulls smashing the resistance they previously faced at around $ 16, and a break above this level marks the end of the range-dependent trading phase. This move was technically significant as it suggested that LINK bulls still had a serious advantage over bears.
Speaking about this latest move, an analyst signaled that Chainlink is currently one of the few major altcoins with a “strong bull bias” and that further increases could be imminent. In addition to rising above the cross resistance, the altcoin was able to climb above a horizontal resistance that suppressed the price action. As a result, a move towards an all-time high of $ 20 could be imminent.
Chainlink Breaks $ 16 Resistance
Chainlink is trading over 9% at its current price of $ 17, pointing to a huge increase since the daily lows below $ 15 set yesterday. When looking at the multi-day trading range of the cryptocurrency, it seems to have risen from a low of $ 13.50 just a few days ago.
It is important to note that LINK is currently facing a resistance at the $ 17 level as a visit to this price zone has catalyzed several rejections in the past few hours. Once this level is exceeded and converted to support, the cryptocurrency can launch another rally that sends it to an all-time high of $ 20.
Talking about the current rise of the cryptocurrency, an analyst stated that this recent rise has allowed Chainlink to smash multiple key resistance levels. As long as these levels are kept up over an extended period of time, they can act as a springboard helping to send the Chainlink to its all-time high of $ 20. This rise can be further supported by the strength seen by Bitcoin and the mass crypto market.