Chainlink Gains Momentum As Price Breaches $18, Expert Eyes LINK To Surge To This Level

Chainlink (LINK) continues to power to new recovery peaks, now trading around $18.6. According to multiple expert analysts, the momentum surge may presage a steep continuation towards ambitious upside targets.

Seasoned Traders Spot Upside Opportunity

Crypto trader JAVON MARKS highlights LINK reaching new breakout territory enroute to retesting high time frame resistance:

“LINK (ChainLink)’s prices have set new post-breakout highs, nearing the $19 levels and they can be getting ready for much higher! $47.154 remains as the target, meaning another +153% upside could be on its way…”

This bold outlook aligns with analysis from traders David and Matthew Hyland regarding LINK’s bullish weekly close and positioning to see steep gains.

Overbought Risks Emerge

However, on the daily timeframe, LINK now trades at an RSI level above 71. Readings over 70 generally signify overbought territory, indicating short-term yields face exhaustion risks without consolidation.

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Still, the fact LINK managed to rebound so swiftly from its June lows to reach extremely overbought levels underscores the present demand torrent and overwhelming sell orders. Powerful momentum can lead to prolonged RSI extremes in one direction without price reversal.

So in essence, while near-term flagging risks loom, Chainlink’s robust technical position shows little sign of topping out anytime soon. Seasoned analysts spot further parabolic upside, especially on significant pullbacks above the newly established support floor around $16.50 on any corrections. Overall, data argues LINK remains decidedly bid at current levels despite traditional overbought warnings.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency