Bitcoin has been caught in a bout of consolidation around its near-term support level at $8,700, but this hasn’t stopped some smaller altcoins – like Chainlink (LINK) – from incurring some bullish momentum.
Analysts are now noting that Chainlink could see significantly further gains in the near-term after painting a bullish candle on its daily chart.
Chainlink Climbs Higher as Analysts Eye Further Gains
At the time of writing, Chainlink is trading up over 4% at its current price of $3.15, which marks a notable climb from its daily lows of under $3.00 that were set earlier this week.
This climb simply marks an extension of the upwards momentum that the cryptocurrency incurred in mid-October when it began climbing from lows of $225 to recently established highs of $3.20 that were set earlier today.
This upwards momentum has allowed LINK to form bullish technical foundations that are likely to propel its price higher in the near-term, with Galaxy – a popular crypto analyst on Twitter – telling his followers that it just posted a buy confirmation on its daily chart.
“I too wanted to short $LINK but then I checked this simple and effective trend indicator somebody gave me and guess what? Has a buy confirmation on the Daily chart,” he concisely stated.
In the near-term, it appears to be important that Chainlink breaks above $3.16 and flips this resistance level into a support level, which could fuel significantly further gains.
Loma, another popular cryptocurrency analyst on Twitter, spoke about the importance of breaking above this level in a recent tweet, noting that he will add to his position if this does occur in the near future.
“$LINK +10%: As such is trading. When your coin pumps, you don’t have enough. When your coin dumps, you have too much. I’ll look to add a little bit if we flip $3.16 since I didn’t get a retest to top off the position,” Loma said while pointing to various resistance levels he foresees LINK pushing against in the near-term.
The coming few hours and days may offer Chainlink investors and traders significant insight into which direction it will trend next, as any sustained extension of its current upwards momentum could fuel further gains.