With over a 20% jump since the last trading day, Chainlink has been among the top-performing tokens in the market. While Bitcoin and the other altcoins are consolidating, the LINK price broke above the pivotal resistance to set up a fine upswing. However, after entering the crucial resistance zone, the price is facing some bearish action. Hence, now the question arises as to whether the price will withstand the upward pressure or undergo a rejection.
The fresh upswing enabled the LINK price to breach the upper resistance of the channel, testing the crucial levels. The price has failed to rise beyond the zone previously in 2020 and 2022. While the trend reversed following a massive bull run in 2021, the rejection in 2022 pushed the price into a bearish well, where it consolidated for more than 18 months.
Now that the price is exhibiting the possibility of a continued upswing, another 5% to 8% rise may embrace a breakout beyond $20. But when?
After the bearish fall during the second half of 2021, the bulls maintained a low-key trade for a long time but continued to manifest their strength at frequent intervals. Although the price is testing the levels it faced rejection at previously, it appears that the trade may undertake a diverse trend now. Mainly because the bulls have been accumulating strength for more than 10 weeks.
The price underwent a steep upswing to test the levels at $18, which eventually exhausted the bulls, causing a rejection. However, the price consolidated well, just like at the beginning of the 2021 bull run, which eventually resulted in a massive bull run, recording a growth of over 375%. Therefore, the Chainlink (LINK) price needs to maintain strength and rise over $20, beyond which it’s thin air up to $27.
The prolonged accumulations have typically overperformed during the bull markets, while the LINK price has been taking its own time. Hence, if Bitcoin exhibits some strength, all the altcoins, including Chainlink, may gain the required strength.
