Chainlink Flashes Bullish “Launch Sequence”: But Can LINK Overcome This Key Resistance?

A notable bull run has propelled the Chainlink (LINK) cryptocurrency to a 16% price increase over the last week. LINK has formed consistent bullish candles within an ascending channel pattern on its daily chart, pointing to growing momentum amongst investors per Coinpedia’s analysis on Trading View.

Besides the recent price hike, Chainlink has held up remarkably well against negative pressure on Bitcoin and other major altcoins. Significantly, LINK’s advancements in Web3 collaboration and integrations continue boosting attention and inflows.

Additionally, whale LINK buys worth $8 million, signaling increasing confidence in Chainlink’s long-term potential. Consequently, some predictions estimate the token’s valuation could eventually reach $100. However, LINK faces potential downside risks if it fails to break the current resistance trendline.

Currently, LINK trades around $15.82, up 0.94% in the last 24 hours per CoinMarketCap’s latest price update. The bullish sentiment stems from positive technical factors. Most notably, the MACD indicator has flashed a bullish crossover below the zero line on the daily timeframe.

Moreover, LINK has formed an ascending channel pattern after its medium-term sideways consolidation. This signals trapped bullish momentum likely to get unleashed soon. Hence, a breakout looks imminent as LINK pushes towards the upper boundary of this channel.

Next Big Airdrop?

Notcoin airdrop on Telegram made millions to people. Don’t miss out on the next TG airdrop by the same team – Dogs on Ton!

Show more +

If LINK manages to break out above the channel, it could validate the uptrend and catapult prices much higher. Specifically, technical analysts have a $20 price target following a successful breakout. The possibility is reinforced by surging trading volumes backing the rally.

To conclude, Chainlink’s market position and real-world adoption continue to strengthen despite recent crypto market volatility. Hence, the long-term outlook remains upbeat for LINK if key technical levels hold up. Specifically, a daily close above the channel resistance could see LINK emerge as one of the market’s top performers.

You may also be interested in:

Check $RECQ Meme Coin

Sponsored: Invest Responsibly, Do Your Own Research.
Serves as the base currency for all transactions within the Rebel Satoshi platform
ICO stage, offering tokens at a discounted price
Facilitates a smooth and efficient economy within the arcade, supporting both arcade and in-game transactions.
Grants access to a diverse range of gaming experiences in the Rebel Satoshi Arcade,
Contributes to a decentralized, community-driven RebelSatoshi platform that integrates gaming with elements of revolution, freedom, and unity, appealing to users who value such principles.
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.


Samuel Munene
Samuel Munene

Samuel is a vesatile and seasoned content editor with a sharp eye for detail and a passion for writing. Web3 techonology is the future! With massive experience in the publishing industry, I specialize in refining and enhancing written material to ensure clarity, coherence, and engaging narratives.