Chainlink Is Breaking Out, Could Be Headed For All-Time Highs With Bitcoin And Ethereum

Chainlink (CRYPTO: LINK) is trading higher Wednesday as the cryptocurrency market takes off with Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) are reaching new all-time highs.

Chainlink looks to have broken out of a pattern and could follow in Bitcoin and Ethereum’s footsteps of reaching new all-time highs if buying pressure continues how it has been.

Chainlink was up 11.2% at $37.62 at last check.

Chainlink Daily Chart Analysis

• Chainlink has broken past an area that has held as a resistance level multiple times in the past. If able to hold above the level, the cryptocurrency could see a strong bullish push in time.
• The $35 level has held as resistance in the past, but since this resistance was broken, it could begin to hold as support in the future. The higher low trendline has been an area of support in the past and may still hold as support later down the road.
• The crypto trades above both the 50-day moving average (green) and the 200-day moving average (blue), indicating the crypto is seeing bullish sentiment.
• Each of these moving averages may hold as an area of support in the future.
• The Relative Strength Index (RSI) has been moving for the past few weeks and now sits at 69. This is right on the border of the overbought area, where many more buyers are pushing into the market.

What’s Next For Chainlink?

Bullish traders are looking to see the cryptocurrency continue to break out and push toward all-time highs. Before reaching all-time highs, bulls may like to see Chainlink consolidate above the resistance line for a period of time before making a push higher.

Bearish traders are looking to see the crypto fall back below the $35 level and toward the higher low trendline. Bears are then looking to see the crypto fall below the higher low trendline and possibly start a new trend.