As one of the cryptocurrencies that has regularly outperformed Bitcoin (BTC) throughout the year, Chainlink’s (LINK) price is once again signaling a possible breakout above its previous ATH on its BTC pair. LINK/BTC broke above the minor resistance level at 30,000 setting its sights on the upper resistance at 36,000 sats. Can the coin beat its all-time high price against BTC before the end of 2019?
LINK/BTC grows by 5% in the past 24 hours, 36K sats on the horizon
In a lethargic cryptocurrency market, LINK is proving a wonderful investment to stack stats and increase trading profits seeing its price rise 5% and 3% against BTC and its USD pair in the past 24 hours. Currently trading at $2.75 against the dollar, taking the total market cap to almost 1 billion USD.
Link showing significant strength against bitcoin here.
Highest close in 2 weeks.
Perfect support off 0.5 fib.
Close to trading above a no-traffic zone (price discovery).
MACD cross imminent.
Let's run! pic.twitter.com/CjTba6zELP
— Linkavitch (@fomo_the_fud) November 9, 2019
Looking at the daily candle charts, LINK/BTC pair is on the rise as BTC’s price dropped below the $9,000 level on Friday, causing a market bleed in the past 24 hours. The persistent bullish momentum in LINK pushed the price above 31,000 sats on Saturday (31,327 sats) targeting the upper resistance level at 36K sats.
Since hitting a high of 35,894 sats on October 6th following a massive breakout in price through the month of September, the coin experienced a mundane consolidation phase through October with sporadic bursts. However, in the past 48 hours –at a time the market turned red – LINK is showing signals of another bullish breakout in before the end of the year.
LINK/BTC daily price chart
A close look at the daily charts shows the candle is flirting with the middle BB band which is a bullish signal for the pair. LINK/BTC bounced off support at 27,375 sats in October boosting the price above the middle band of the Bollinger Bands (BB). If the price closes above the baseline on the Bollinger bands and resistance levels at 30300 sats, the price will be on course to test major resistance at 36,500 sats. LINK/USD registered its highest close in a fortnight with the Moving Average Convergence Divergence (MACD) golden cross imminent.
Consequently, the widening of the upper and lower BB bands shows that LINK’s price is still on track to increase even further in the coming days. Moreover, the Relative Strength index is oscillating around 67 showing buyers strength still has room to grow.
If the bullish sentiments in the market continue, coupled with BTC’s expected revival towards the $10K region, LINK is on course to pierce through the $3.00 USD mark and possibly beat its all-time high against BTC pair. Notwithstanding, the LINK/BTC bouncing off the support at 28K sats on its accelerated trend line on October 7 further supports the case for a push towards major resistance levels at 36602 and 39381 sats.
Images sourced from TradingView
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Been in the field since 2015 and he still love everything blockchain and crypto! FC Barcelona fan. Author and journalist. Follow him at @lujanodera.