newsbtc.com
Chainlink has been flashing signs of immense strength throughout the past few days, with the cryptocurrency currently consolidating around its all-time highs.
Despite being unable to break into the double-digit price region, the strong market structure established as a result of its recent push higher is likely to allow for further upside in the near-term.
As such, analysts are now widely noting that it is only a matter of time before LINK breaks above $10.00 and further extends its parabolic momentum.
One factor that could significantly bolster its USD price action is that Chainlink is still trading well-below its BTC trading pair’s July highs.
While speaking about this, a popular trader explained that he believes a jump to these highs is imminent. This will also catalyze some major momentum on its USD pair that likely allows it to set significantly higher highs.
Chainlink Shows Signs of Strength as Analysts Eye Move Past $10.00
At the time of writing, Chainlink is trading up just over 1% at its current price of $9.66. This is around the price at which it has been consolidating throughout the past few days.
Earlier this week, the crypto raced to highs of just under $10.00 before it faced an influx of selling pressure that slowed its ascent.
From this point on, LINK has been oscillating between lows of $9.35 and highs of $9.90, with it currently trading directly in the middle of this consolidation channel.
Because Chainlink is starting to require sizable sums of capital to maintain its growth trajectory, it may continue trading sideways until Bitcoin, Ethereum, and the rest of the market is able to push higher as well.
One analyst explained in a recent tweet that he believes it is “just a matter of time” before the crypto smashes its $10.00 resistance and sets fresh all-time highs.
“Consolidating below 10usd – just a matter of time now,” he explained while pointing to the below chart.
Image Courtesy of Teddy. Chart via TradingView.
Trader: LINK Likely to See Major Upside Against BTC
Another respected trader explained that he is expecting Chainlink to see massive upside against its Bitcoin treading pair in the near-term.
Because LINK is still trading well below its BTC highs that were set in July, a surge back to these highs could also provide it with significant upside on its USD trading pair as well.
“Why I’m still holding my LINK position,” he said while pointing to the chart seen below.
Image Courtesy of Loma. Chart via TradingView.
That being said, a break above $10.00 may allow Chainlink to incur a parabolic rally independent of the rest of the market that enables it to post massive gains against BTC.
Featured image from Unsplash. Charts from TradingView.