Chainlink bulls have been ardently defending against a decline beneath $11.00 throughout the past day, signaling that this level has been flipped into support.
This is an incredibly positive technical development, as it indicates that the asset may soon be able to post significantly further gains in the near-term, using this support as a launchpad.
The strength seen by both Bitcoin and the rest of the crypto market today is also creating a tailwind that may allow LINK to push higher and recapture some of its recent losses.
It is important to note that BTC is pushing up against some resistance at $10,300, which may create a headwind for the market if it is unable to firmly surmount this resistance.
That being said, one analyst is now noting that Chainlink may be well-poised to rally up towards $16.00 in the near-term, as long as buyers are able to push it past its resistance at $13.25.
Chainlink Holds Above Key