Chainlink (LINK) is experiencing a bullish trend, trading positively after breaking out in October. This movement is part of a wider rally in the cryptocurrency market, with LINK demonstrating strong buying momentum that could indicate further gains.
The altcoin’s price has successfully exited a 550-day consolidation period, now advancing within an ascending parallel channel. This progression has allowed LINK to convert previous resistance levels at $13.08 (R247.87) and $16.86 (R319.50) into support, signaling a shift in market sentiment from bearish to bullish. This transformation suggests that these levels could now serve as launching pads for future price increases.
Investors and traders might see potential in entering long positions following a successful retest of these new support levels, which could affirm the market’s bullish outlook.
Chainlink is currently positioned for a significant upward trajectory, with the next target set at the $28.71 (R544.05) resistance level, last reached in January 2022. Technical indicators, including the Relative Strength Index (RSI), the Awesome Oscillator (AO), and the Moving Average Convergence Divergence (MACD), are all pointing towards strong bullish momentum, reinforcing the potential for price appreciation.
A leap to the $28.71 (R544.05) target represents a 45% increase from present levels, with the possibility of extending gains to the $37.00 (R701.15) resistance level, last seen in November 2021. Conversely, a pullback from the channel’s midline could lead to a downturn, potentially revisiting support at $18.32 (R347.16). Should this support falter, LINK might fall towards $16.86 (R319.50) and, in a bearish scenario, could drop below $13.08 (R247.87), thereby negating the current bullish forecast.
This website uses cookies.
