Chainlink (LINK) sets a new all-time high and there are no signs of slowing down
Chainlink has been one of the most powerful cryptocurrencies in the past two years, as LINK's massive dynamism has seen massive gains in recent months that have allowed it to set new all-time highs.
This momentum shows no signs of slowing down, and analysts are now finding that LINK has only just broken out of an extremely bullish technical formation, which could mean that there will be further significant gains in the near future.
Chainlink is one of the first major altcoins to hit new all-time highs as the market-wide uptrend continues, and their rise could mark the start of the much-anticipated “old season” that investors have become aware of.
Chainlink explodes to new all-time highs as the “old season” begins
At the time of writing, Chainlink is trading at its current rate of 4, 39 dollar, which is a massive increase from the daily lows at 3, 81 means dollar. The immense upward movement of the latest LINK rally becomes even clearer if you look at the current price development in the current year, because the cryptocurrency has been rising from the lows at $ 1, 73.
Despite steady gains throughout January, Chainlink's upward trend became parabolic earlier this month than this 2, 70 $ reached. This rally coincided with the strong upward trend of other important altcoins, including Ethereum and Tezos, both of which have had a 2017 – similar increase.
Another bullish by-product of Chainlink's rise to all-time highs is the fact that it has just broken out of a descending wedge, which could create even more momentum.
Bagsy, a prominent trader, spoke in a recent tweet about the breakout about this wedge and said succinctly that “we will have an upswing” while pointing to a chart:
$ LINK update:
And we have lift-off. 🚀 pic.twitter.com/lq4YcNdha2
– Bagsy (@imBagsy) February 14, 2020
Chainlink's immense boom, coupled with the strength of the overall market, seems to indicate that its insane rally won't end soon.
Proof of text: cryptoslate