Chainlink has seen some volatile price action throughout the past couple of days, with its price oscillating between lows of $7.40 and highs of $8.80.
This volatility has come as it decouples from the price action seen by Bitcoin and the aggregated crypto market – which, for the time being, is a positive technical development.
Analysts are now widely noting that the cryptocurrency may be positioned to see significantly further upside in the near-term.
There are multiple factors supporting this narrative, including a potential “cup and handle” pattern that it has been forming, as well as a massive ascending channel this it is currently respecting.
The confluence of these factors – coupled with its decoupling from the rest of the markets – could provide it with the momentum it needs to start a fresh leg higher.
Chainlink Flashes Signs of Strength as It Decouples from Aggregated Market
At the time of writing, Chainlink is trading up over 3% at its current price of $8.53. This is around the price at which it has been trading throughout the past several days.
After surging towards $8.50 on August 1st, LINK has been largely caught within a wide trading range between $7.40 and $8.80.
These range lows were set during the selloff seen on Saturday that sent Bitcoin reeling down to $11,000 and Ethereum down to lows of $300.
Chainlink’s dip was incredibly short-lived, and within a matter of hours, it had recovered virtually all of the losses posted as a result of this movement.
It was even able to push higher and revisit its all-time highs at $8.80. From this point on, it has been trading between $7.80 and $8.70.
This price action has allowed the cryptocurrency to form what is called a “cup and handle” pattern.
While pointing to this pattern, one analyst noted that this could help to bolster Chainlink’s near-term outlook.
“LINK (USDT) daily chart – As price re-tests the all-time high area, this is a good spot for a…