According to crypto analyst World of Charts, Chainlink shows strong signs of its next bullish impulse wave readying to ignite after consolidating in a bull flag pattern for several weeks now.
With LINK approaching trendline resistance, he anticipates an upside breakout with initial sights on $25 before continuation towards $28 materializes over the coming weeks.
Fellow trader Captain Faibik echoes this perspective on a rally brewing for LINK amidst its constructive pullback and basing activity.
Additional technical analysis
Crypto insights platform altFINS further endorses the optimistic setup in its latest update:
- Maintained position within the long-term price uptrend
- Bullish momentum signals are re-emerging after a pullback to $11.80.
- Next target is $17 en route to the psychological $20 level.
With key indicators like the MACD line crossing above the signal line in bullish fashion, altFINS sees minimal resistance to $17 where conviction would grow around attacking $20 and beyond—in line with original upside projections.
Given Chainlink’s entrenched position providing irreplaceable oracle infrastructure and data availability for blockchain applications, the return to an unequivocal bullish trend aligns with its sustainable role as a category leader.
With altcoins accelerating, traders can deploy bullish-biased LINK strategies on recurring pullbacks before an eventual breakout sustains and overextends towards reclaiming its all-time highs.
You may also be interested in:
- Why Is The Crypto Market Up Today?
- Analyst Says SEI Is Breaking Out, Shares Critical Make Or Break Levels
- The 4 Best Crypto Tokens To Invest In January 2024: Avalanche (AVAX), Meme Kombat (MK), Sponge V2 (SPONGE), and Bitcoin Minetrix (BTCMTX)
A unique play-to-earn gaming platform in the memecoin market
The platform combines artisanal and gold mining with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience
Fosters a strong community by encouraging physical meetups among members
NFT Integration with Prominent Characters