Chainlink has been one of the few altcoins to see some notable momentum throughout the past few days, as most altcoins have been struggling to rally despite the overt bullishness seen by Bitcoin.
The crypto remains well below its 2020 highs of $20.00 that were set a few months ago, but it could be just a few weeks away from revisiting these highs as bulls begin laying the groundwork for a strong move higher.
That being said, it may first have to <span class="wpg-tooltip-term-title">Bear</span></h3><div class="wpg-tooltip-content">Bear market is defined as a decreasing set of prices for various types of assets. A bearish investor wants to profit from the movement of dropping prices. You can think of a bear, swinging his big paw downward on the investment, crushing prices.<p class="wpg-read-more"><a href="https://www.newsbtc.com/dictionary/bear/">» Read more</a><p></div>”>bear witness to some weakness before it can see a sustainable rally.
One analyst is noting that a move down towards $8.00 could take place in the near-term.
He points to a key multi-year trendline as justification for this sentiment, noting that the confluence of this trendline coupled with horizontal support could be enough to send the token’s price rocketing higher.
That being said, this decline may not come to fruition if altcoins can catch up with Bitcoin anytime soon.
Chainlink Holds Strong Above $12.00 as Buyers Maintain Control
At the time of writing, Chainlink is trading up just over 3% at its current price of