Oracle service provider Chainlink is once again seeing strong trading activity! The Chainlink (LINK) price has jumped a staggering 6.5% in the last 24 hours shooting all the way to $16, while the broader market continues to consolidate. Jumping to the 12th spot by market cap, Chainlink is now eyeing a spot among the top ten cryptocurrencies.
Chainlink (LINK) Eyeing A Potential Breakout
In a recent analysis, crypto market analyst Michael van de Poppe provides insights into the potential trajectory of Chainlink ($LINK), indicating a likelihood of a bullish breakout.
Courtesy: Poppe
Key factors supporting this prediction include:
Liquidity Absorption: Chainlink has absorbed liquidity through a dip to the $12.20 level.
Resistance Testing: The cryptocurrency has undergone multiple tests of resistance, suggesting potential upward movement.
BTC and ETH Dynamics: The Bitcoin ($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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