Chainlink has seen one of the strongest rebounds from its recent lows across the aggregated <span class="wpg-tooltip-term-title">Altcoin</span></h3><div class="wpg-tooltip-content">Altcoin is defined as any cryptocurrency except for Bitcoin. “Altcoin” is a combination of two words: “alternative Bitcoin” or “alternative coin”. There are over 1,500 altcoins with many more planned for release.<p class="wpg-read-more"><a href="https://www.newsbtc.com/dictionary/altcoin/">» Read more</a><p></div>”>altcoin market, with its price rocketing higher as investors begin rotating capital into “risk-on” assets as Bitcoin and Ethereum show signs of strength.
Its rebound is showing few signs of slowing down, and a move back up to its all-time highs could be on the table if the wider crypto market continues showing signs of strength.
One analyst is now pointing towards a diagonal resistance level that has been formed over the past few days, noting that a break above this level could spark the next leg higher.
He also notes that this recent momentum stems from a break above the upper boundary of a triangle formation that it had previously been caught within over a mid-term time frame.
The coming few days and weeks could provide it with further momentum, potentially sparking a sharp upswing if Bitcoin and Ethereum continue climbing higher.
Chainlink Rallies as Broader Crypto Market Shows Signs of Strength
At the time of writing, Chainlink is trading up just under 6% at its current price of $12.85.
This marks a massive surge from where it was trading just over a