Analyst: Chainlink could start a massive upward trend soon
Chainlink (LINK) was one of the best performing major cryptocurrencies of the past year, setting 2019 new all-time highs during most large altcoins were still faced with an immense bear market that jumped from the market crash 2018.
LINK's parabolic increase was short-lived, because the company lost about half of these profits again, but was still able to increase the year by Complete percent.
This immense bull market could not be over as the cryptocurrency is now showing signs that it may be in the early stages of another parabolic rally.
Chainlink outperforms Bitcoin and other major cryptocurrencies
At the time of writing, Chainlink is trading at its current price at $ 2, 15 , marking an increase from daily lows at $ 2, 05. Since the beginning of the year 2020, LINK, like most other cryptocurrencies, has been in a steady upward trend from the region that has enabled it to rise near $ 1 70.
Yesterday, however, Bitcoin had to give up a few percent of its profits. Bitcoin prices fell 4 percent, while many large altcoins saw losses of 3 percent or more.
LINK is currently trading 4, 65 percent in plus against BTC and 4, 06 percent against ETH. At the moment, it does not seem that the instability of the aggregate markets is sufficient to bring Chainlink buyers into a bearish phase.
Could Link soon enter a fresh parabolic phase? An analyst thinks so
LINK has had several rallies of different sizes during the year 2019 and Bitcoin Jack – a popular crypto currency analyst on Twitter – believes the cryptocurrency could prepare for another big move.
In a recent tweet, he explained that the strong impact from BTC support could lead the company to return to multi-month highs at around 0, 0004 BTC will reach what an increase from its current rate at 0, 00026 BTC means.
“It is always good to see some sunken action after interacting with your support level. $ LINK bounced off 15 percent of support, hopefully it's a sign of strength we're looking for, ”he explained.
It's always good to see some engulfing action after interaction with your support level $ LINK bounced 15% from support, hopefully it's the sign of strength we are looking for pic.twitter.com/ESGdeBqnFR
– // Bitcoin 𝕵ack (@BTC_JackSparrow) January 8 2020
Proof of text: cryptoslate