Chainlink (LINK) has seen a surge in recent trading sessions, overcoming critical obstacles and signaling a potential upward trend.
The positive momentum caused LINK’s price to rise above $14.50, signaling a significant turnaround for the crypto.
The path to this upward trajectory began when LINK established a strong base above $12.50 and launched a new surge. Bulls took control of the price, pushing it past key resistance levels and instilling hope in the Chainlink community.
The break above a significant bearish trend line, which had resistance at around $14.85, was a watershed moment in this recent surge. The 4-hour chart of the LINK/USD pair depicted this breakthrough, demonstrating the bulls’ determination.
The bulls successfully propelled the pair above the 50% Fibonacci retracement level, adding to the upward momentum.
This level represents the downward movement from the $17.59 swing high to the $12.50 low, emphasizing the current bullish trend’s strength.
LINK is currently trading comfortably above the $15.00 level as well as the 100 simple moving average (4 hours). This points to a positive trend, with the price demonstrating resilience and outperforming both Bitcoin and Ethereum.
With the price of LINK up over 5%, the bulls are firmly in control, implying a positive outlook for the cryptocurrency.
If this positive momentum continues, there is potential for further upward movement, which presents an encouraging scenario for Chainlink fans.
James Wilson is a crypto writer and researcher with over 5 years of experience in the industry. He is a graduate of the University of California, Berkeley, where he studied computer science and economics. After graduating, he worked as a software engineer at a major tech company before transitioning to a career in crypto.
Related posts
Bankrupt BlockFi moves around $50 million in digital assets
This mysterious whale wallet amasses over 4.5 million LINK tokens worth over $84 million
Hackers stole $900,000 worth of Chainlink (LINK) tokens in late January
