Chainlink (LINK) Price Shoots 6.5% Eyeing A Potential Rally to $25-$30

Chainlink, the oracle service provider, is experiencing robust trading activity, with its price surging by an impressive 6.5% in the last 24 hours, reaching $16. This significant movement positions Chainlink at the 12th spot by market cap, as it aims to secure a spot among the top ten cryptocurrencies, despite the broader market’s ongoing consolidation.

Chainlink (LINK) Eyeing A Potential Breakout

In a recent analysis, crypto market analyst Michael van de Poppe provides insights into the potential trajectory of Chainlink ($LINK), indicating a likelihood of a bullish breakout.

Key factors supporting this prediction include:

1. Liquidity Absorption: Chainlink has absorbed liquidity through a dip to the $12.20 level.
2. Resistance Testing: The cryptocurrency has undergone multiple tests of resistance, suggesting potential upward movement.
3. BTC and ETH Dynamics: The Bitcoin ($BTC) pair for Chainlink is showing signs of bottoming, while Ethereum ($ETH) is displaying increased activity.

Van de Poppe suggests that considering these factors, Chainlink could experience a positive breakout in the near future, with a projected price range of $25 to $30 in the coming months. Traders and investors are advised to monitor these developments for potential opportunities in the $LINK market.

What’s Next for LINK?

The price of Chainlink (LINK) has exhibited a consistent upward trend, signaling increasing bullish momentum. Encouragingly, the Cross EMA 50/200 day indicates a high likelihood of a Golden Cross, pointing towards significant price action in the upcoming days.

The Moving Average Convergence Divergence (MACD) presents a continuous green histogram, indicating a prevailing bullish sentiment in the cryptocurrency market. Additionally, the moving averages depict a sustained upward trajectory, suggesting a continued rise in the LINK price in the days ahead.

In the event that the bulls successfully drive the price beyond the resistance level of $15.411, it would pave the way for Chainlink to test its upper resistance level at $16.477. Moreover, maintaining stability at this level could potentially position the LINK token to challenge its resistance level of $17.677 in the foreseeable future.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.