Chainlink's price action throughout 2019 and 2020 is unprecedented, with the cryptocurrency generating strong momentum despite the chaotic price action seen throughout the market.
This strong growth trend has allowed it to set an all-time high against the USD, and its establishment of an all-time high against its BTC trading pair yesterday.
Analysts are currently noting that this uptrend is showing no signs of slowing down, and it may expand further when it succeeds in turning the previous resistance level into support.
Chainlink has reached a new all-time high against Bitcoin
At the time of writing, Chainlink is trading at $ 4.10, marking a noticeable increase from the recent lows of $ 3.32.
Price LINK today | Source: Coinmarketcap
The strong uptrend of cryptocurrencies has come before a sharp decline in the aggregate market, with Bitcoin and most of the other major altcoins showing strong downward trends in the past week.
This power has allowed LINK to set an all-time high for its Bitcoin trading pair, reaching 0.00049 BTC yesterday.
4-edge LINK / BTC chart | Source: TradingView
Although this rise helped LINK to set an all-time high against its BTC trading pair, it still trades lower than the high on the recently established USD pair of $ 4.77. .
However, the recent rally on the BTC pair has made a splash in the cryptocurrency industry.
Big Chained analyst noted this, pointing to a chart showing its enormous increase in comparison to BTC.
– Big Cheds (@BigCheds) February 27, 2020
Technical factors are supporting the uptrend
The recent rally on the Bitcoin band has turned that previous strong resistance into a support level, which could spur it up significantly in the coming days and weeks.
Well-known analyst Crypto Michaël talked about this incident in a recent tweet, emphasizing that further increases could be imminent.
Perfect S / R flip on the previous highs for support and instant 36% bounce to ATH.
Buy the dip. pic.twitter.com/aKfH0umCMX
– Crypto Michaël (@CryptoMichNL) February 29, 2020
"The price of LINK has successfully turned the previous resistance level into support, and has made ATH levels rise by 36% quickly. Buy the dip. "
Because the bears have not produced any noticeable strength during the recent price drop, with each drop having significant buying pressure, this indicates that its uptrend will last longer. more in the days and weeks to come.
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