The DeFi space is gaining bullish momentum & Ethereum price breaching over $4800 for the first time ever may be one of the main reasons. As the reason, the most popular DeFi token, Chainlink price is retesting the crucial resistance again. The asset which was once in the top 10, has slipped beyond the top 15 due to its silent trend. However, the LINK price is yet again gearing up to breach through these levels and head towards the 3-digit figure target.
The LINK price since mid-July started to rise and reached a high of around $36. However, a correction followed that dragged the price towards a very important higher low of around $20. The price has previously tested a similar resistance zone around $36 but was woefully rejected. And hence with the current surge, a breakout may be much imminent and may accelerate gains to its current ATH at $53.
However, a popular analyst believes the LINK price is on its path towards $100 as its surging along the bullish trend line. Interestingly, the analysts also believe the LINK price may give the last opportunity to buy at the dip before the next leg up.
As per the analyst, the asset is trending within a ‘historical rising wedge’ ever since 6th December 2018. The asset smashed the upper trendline 4 times and the lower trendline 3 times, based on the repetition rules. However, the asset may retest the lower trendline yet again, hence providing a chance for the traders to enter. And finally, leap long towards the next targets that lie around ATH initially.
Interestingly, the analyst also mentions the targets on the daily chart which are all after smashing the ATH. As per the FIB extension calculated, the targets after achieving the ATH are :
Collectively, as the crypto space is becoming greener and greener, the DeFi and the NFT space is surging high. And hence popular tokens like Chainlink may accelerate their pace and eventually reach their desired target shortly.