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.
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.
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