Chainlink (LINK) has experienced a crash in the early part of last week. Nonetheless, it has been one of the top-performing crypto-assets. Analysts are saying it would move even higher. In the past 24 hours alone, the coin is up 5 percent. It outperforms Bitcoin’s 0 percent performance and ETH’s -1 percent performance.
The technical factors of LINK stay in a bullish state, thus, it may have room to move even higher in the coming days.
Chainlink (LINK) Presses Past $10 as Weekly Chart Remains Bullish
There is a stagnation in the price of two market leaders which are Bitcoin and Ethereum. But regardless of this fact, Chainlink is still primed to go even higher.
On the 26th day of September, one crypto-asset analyst has put forth a chart. It reflects that LINK stays in a positive position on a weekly scale. Moreover, it forms two crucial signs of a bullish trend. Those are the weekly RSI flipping the midline into a level of support and a hammer candle on the weekly chart.
On the other hand, an analyst shared the same sentiment but drew attention to the asset’s short-term prospects. He shared charts which show that Chainlink just invalidated a short-term bear pattern. This invalidation took place as LINK kept on climbing to the upside. Moreover, it holds $10 recently and is continuing higher.
Could Lead to a DeFi Rally
Analysts are now saying that there could be a wider rally in the value of decentralized finance altcoins because of the strength in the value of LINK.
In fact, a partner at The Spartan Group, Kelvin Koh, said that LINK and BAND may dictate the price action in the rest of the DeFi market:
Despite the weakness in the rest of the market, earlier this year, Chainlink and BAND also saw firm move higher.