Chainlink has been one of the most volatile altcoins throughout the past several days and weeks, with its buyers and sellers both vying for control over its near-term trend.
This has resulted in the cryptocurrency seeing some relatively large price movements, with a bout of capitulation sending it down to lows of $7.50 earlier this week before bulls stepped up and sent it surging to nearly $11.20.
The intensity of this rebound has boded well for bulls because it indicates that they still have significant underlying strength that may allow them to continue guiding its price action in the days and weeks ahead.
Some of its near-term trend may depend on Bitcoin, as the benchmark cryptocurrency has been guiding which direction altcoins like Chainlink trend.
One analyst is now noting that a move towards $12.00 could be imminent in the near-term.
He specifically believes that this will come about if bulls can continue holding it above $10.00 in the days ahead.
Chainlink Surmounts $10.00 as Analysts Eye Further Upside
At the time of writing, Chainlink is trading down just over 4% at its current price of $10.33.
Although LINK is still trading up significantly from where it was just a few days ago, the cryptocurrency has declined from daily highs of over $11.00.
It has found some stability around these highs, but this is now in jeopardy as its price drifts back down towards $10.00.
Earlier today, bulls did post an ardent defense of the $10.00 region, which allowed the cryptocurrency to see a slight bounce. If this level continues holding as support, it could enable it to see significantly further upside.
A break back below this level, however, could spark a sharp decline the jeopardizes its technical strength.
Analyst: Continued Defense of $10.00 Could Spark a 20%+ Move Higher
While speaking about where he expects Chainlink to trend in the near-term, one analyst observed that the state of its current uptrend hinges on the defense of $10.00.
He believes that a continued defense of this level could allow it to see some significant upside in the days and weeks ahead.
“Adding to Chainlink one dollar level at a time. After securing $10, will be watching for this break of $11 level. From there – the marines will unit together and storm towards the $12 level.”
Image Courtesy of Josh Rager. Chart via TradingView.
Chainlink’s mid-term trend may remain at the mercy of Bitcoin and the rest of the crypto market, but the intensity of its rebound from its recent lows is promising.
Featured image from Unsplash. Charts from TradingView.