Chainlink Becomes the 'Tesla' of Cryptocurrency

After breaking above the $5 level, LINK price surged nearly 100% in a matter of days and ended by making a new all-time high at $8.40.

The previous resistance at $6.57 can be confirmed as support, which would suit a renewed test of the $8.50 resistance level.

A clearer signal would be a corrective move towards the $5 level, as that used to be a significant resistance zone before the massive breakout occurred.

The 4-hour chart shows a bright support/resistance flip of the $5.70 level, which caused continuation and the price to accelerate towards $8.50.The most likely scenario is a test of the previous high for support.

If the $6.50 level is lost, further downward pressure is likely to occur on the markets with a potential retest of the $5 level.

As the saying goes, the more often a resistance gets tested, the weaker it becomes.

In the case of Bitcoin, the resistance zone at $10,000-$10,500 has been a tough area to surmount for a year already and for LINK the 0.00055000 sats barrier has been a resistance zone for seven months.

The pair secured support at the $2.40 level before continuation and acceleration towards $3 occurred.

The $3 resistance area has been tested three times now and it's possible that another test of the resistance zone will see the price finally push through it.

If Tezos manages to break through the all-time high levels, the sky's the limit and savvy traders can look to the Fibonacci extensions in order to determine new targets.