As Bitcoin's (BTC) price continues to trade in a tightening range, the altcoin market has been pushing higher each week, and the most recent surge has come from Chainlink (LINK).
After breaking above the $5 level, LINK's price surged nearly 100% in a matter of days and ended by making a new all-time high at $8.40. Through this massive push, LINK surpassed EOS and Crypto.com (CRO) to claim a spot among the top ten cryptocurrencies listed on CoinMarketCap.
Investors are now curious to see if Tezos (XTZ) will continue to follow LINK, and there are expectations that other altcoins will also follow LINK’s upward trajectory.
In a previous article, a target of $7.00–$7.25 was established using the Fibonacci extension tool. However, LINK overshot that target by a mile.
As the chart shows, the rally might be temporarily over, as sellers are stepping in, but this will only be confirmed if the daily candle closes as shown on the chart above. Currently, the candle shows a giant wick on the upside, indicating that there’s more sell than buy pressure.
Aside from the candle, such a giant move is due for a corrective move, so it is good to review the levels to watch for potential support.