Chainlink has been incredibly strong over the past few days, fully exposed to the upside seen across the aggregated cryptocurrency market as bulls take full control.
Its price has surmounted multiple key resistance levels that have slowed its ascent in the past, and it is now only a stone’s throw away from setting fresh all-time highs.
The cryptocurrency is facing some intense resistance within the lower-$16.00 region, as each attempt to break above this zone has resulted in it seeing massive inflows of selling pressure.
If it remains trapped below this price level, it could see another prolonged bout of consolidation or downside in the near-term – depending on how the aggregated market trends in the days and weeks ahead.
One trader is now emphasizing the importance of this price level, noting that a break above it could catapult Chainlink up to fresh all-time highs, potentially opening the gates for a move into the mid-$20.00 region.
For this to take place, it will require that the rest of the market continues holding strong, with BTC maintaining its position above $19,000 while ETH holds $600.
Chainlink Nears Crucial Resistance Level
At the time of writing, Chainlink is trading up just under 3% at its current price of $15.65. This is around the price at which it has been trading throughout the past day.
It has made two attempts to break above $16.00 over the past 24-hours, but each one has been met with inflows of selling pressure that has halted it in its tracks.
Where LINK trends heading into the end of the year will likely depend largely – if not entirely – on its continued reaction to this level.
Analyst Claims LINK Could Soon Set Fresh Highs, Once a Key Level is Broken
One trader explained in a recent tweet that Chainlink could be on the cusp of rallying up to fresh all-time highs, with $16.00 being the last key resistance level that it needs to flip into support.
Once this resistance-support flip occurs, the cryptocurrency could see a massive price rise that allows it to post a parabolic advance.
“LINK won’t be long until it busts through $16 and new ATH’s,” he said while pointing to the chart seen below.
Image Courtesy of Kaleo. Source: LINKUSD on Twitter.
How Bitcoin and Ethereum trend in the near-term will likely have a heavy influence on Chainlink’s price.
So long as they remain within their current uptrends, there’s a strong possibility that upside is imminent.
Featured image from Unsplash. Charts from TradingView.