Chainlink continued to see incredibly strong price action, despite some signs of slight weakness in the cryptocurrency market.
For the first time in the history of the strong cryptocurrency, it has entered the double digit price zone and marks a massive rise from this week’s low of $ 7.40. Analysts point out that according to the technical indicator, LINK is pushing against some heavy resistances.
However, its current strength could quickly spoil the selling pressure it is facing, and the popular altcoin in the coming days and weeks could open the doors for a rise to $ 12.50.
While Bitcoin and most of the other major altcoins are starting to decline as they are unable to climb above current resistance levels, LINK’s intense strength could allow the rest of the market to continue to recover higher no matter what their course.
Chainlink was trading at $ 10.65, according to CoinMarketCap data at the time of writing. The cryptocurrency was able to break the resistance it faced earlier yesterday around $ 10.00 and then surged to $ 10.40. However, it faced some intense selling pressure here, which slowed its rise and then caused it to return to current price levels. The cryptocurrency recovered after this decline and broke the $ 10.40 level.
This uptrend marks an enormous extension of the momentum that is emerging.
An analyst recently announced in a tweet that he expects LINK to test the previous resistance level as support before moving higher. This level is around $ 8.50.
Much the same for $LINK represented on Renko.
Showing signs of slowing in this region most similar to the recent pullback.
Resistance/Support flip clearly laid out with the expectation to want to long from somewhere near that region (granted we usually see strong wicks). pic.twitter.com/umZcOisBNZ
— Cold Blooded Shiller (@ColdBloodShill) August 7, 2020