It’s no secret that Chainlink was one of the best performing cryptos throughout 2019, with LINK clocking parabolic gains that are typically only seen during firm bull markets.
It is important to note that LINK’s parabolic rally in 2019 was much more than simply a fleeting upwards market cycle, as the crypto’s bullishness has been sustainable and has spilled over into 2020.
Analysts are now noting that the cryptocurrency could be on the cusp of seeing even further upside, as it is expressing multiple bullish technical formations that could allow it to surge independently of the aggregated crypto market.
At the time of writing, Chainlink is trading down just over 3 percent at its current price of $2.78, which marks a notable decline from its daily highs of $2.91.
It is important to note that today’s LINK selloff has come about concurrently with Bitcoin’s decline from daily highs of $9,650 to lows of $9,200.
This drop led the aggregated crypto markets to closely follow suit, although it is important to note that Chainlink is still showing signs of imminent bullishness despite today’s dip.
Satoshi Flipper, a well-respected cryptocurrency analyst, recently explained that LINK is caught within a bullish wedge that could help it see a rapid rally up to $3.00 in the coming several hours.
“Beautiful falling wedge forming on LINK/USDT (4 hr) – just bounced off support and IF BTC behaves, the LINK/USDT # will go up.”
While looking beyond Chainlink’s short-term bullishness, it appears that the cryptocurrency’s macro structure also favors buyers, as the crypto is expressing a plethora of bullish structures over multiple timelines.
Ethereum Jack, another popular crypto analyst, spoke about these structures in a tweet from late-last week while referencing a chart showing a pending inverse head and shoulder formation, as well as an upside target at 0.0004 BTC – a notable climb from its current price of 0.00029 BTC.
“The amount of bullish structures on different time windows that can be found on LINK is just insane.”
Regardless of whether or not Bitcoin sees any notable upwards momentum in the near-term, it is highly probable that Chainlink will continue trading independent of the crypto markets, and it does seem as though its next major movement will favor bulls.
Chainlink, currently ranked #17 by market cap, is down 1.59% over the past 24 hours. LINK has a market cap of $977.63M with a 24 hour volume of $128.81M.