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Chainlink hits new highs, but is LINK about to pull another 150% parabolic move?

You could literally hear the Bitcoin (BTC) hodlers cheering from the rooftops as the world’s largest whale publically entered the market this week.

But as Bitcoin screamed toward $50,000, altcoin hodlers looked on in horror as their portfolios began shrinking in terms of BTC.

However, the Elon pump has possibly created a massive buying opportunity for many altcoins on the BTC paired charts. One coin, in particular, has been letting the side down, namely LINK.

It seems like only yesterday that Zeus capital got rekt shorting LINK as it pumped from $10 to $20, but this was August 2020, when Bitcoin was trading at a lowly $10,000.

In the last few weeks, despite LINK pushing to new all-time highs, the Twitterverse has been jokingly calling LINK a stablecoin as it’s been hovering around $25 for what seems like forever.

It was even recently flipped by DOGE on the market cap ratings. Not a good look for the “LINK marines,” who’ve been beaten by a meme…for the time being. 

The trend is your friend

LINK/USD 1-hour chart. Source: TradingView

Starting out on the 1-hour chart for LINK, you’d be blind not to see the solid uptrend LINK has held since the beginning of 2021.

Right now, the mid-channel resistance on the LINK/USD chart is sitting around $29 with an upside target of around $34.

The move upward has been so significant these past months that the next level of support if the bullish structure breaks can be seen around $17.20. However, you’d be doing yourself an injustice with these mediocre targets as you’re missing the bigger picture. To understand this, you only need to look at the UNI/BTC chart.

Uniswap topped out after a 100% retracement vs. BTC

UNI/BTC 1 day chart. Source: TradingView

One of the recent success stories of 2021 is Uniswap, which has rallied from under $3 to over $20 in just a matter of weeks. It’s hard not to FOMO into coins that are tearing up the runway like this, and with many alts in price discovery, it’s hard to know which coin to buy when looking at the USD pair chart.

But we can see a pattern on the BTC pair charts with a little help from the Fibonacci retracement tool to really see where the opportunity lies — and right now Chainlink is screaming buy.

UNI sat around the 0.236 for about six weeks before breaking out from its own $3 “stablecoin” levels, and it now rests above $20, Meanwhile, LINK is only four weeks into its 0.236 pit stop.

LINK is currently on a fire sale

LINK/BTC 1-day chart. Source: TradingView

Moving over to the LINK/BTC chart and it’s currently 154% away from its previous high in Bitcoin terms, hovering around 0.236.

LINK is not alone on this chart. Many other coins are exhibiting the same structure against Bitcoin, and with each pump that Bitcoin has, the gap to the top gets higher and higher.

With LINK currently trading at $27.50, this would put the price of LINK at $70 just to regain its previous Bitcoin paired level, but that’s assuming that Bitcoin stays around its current level.