Renowned analyst Rekt Capital, in tandem with altFINS, provides a keen insight into Chainlink’s (LINK) recent market movements. The chart analysis reveals that LINK has successfully broken out of its pattern, a crucial development suggesting a potential shift in its market dynamics. Currently in a “neutral” near-term outlook, LINK is categorized as “Approaching Resistance,” with the pattern stage marked as “Emerging.”
The trade setup indicates a clear uptrend, with LINK eyeing a critical $17 resistance level. This level, previously a hurdle in mid-November, is now the focal point for market participants. The analysts anticipate a successful retest of this level to fully confirm the breakout, signaling that buyers have absorbed selling pressure and potentially opening the path for LINK to resume its uptrend with an optimistic target of $20. Traders are advised to set price alerts to stay informed of key breakouts.
altFINS’ analysis underscores LINK’s resilience and growth potential, emphasizing its role as a leading Oracle data provider. Notably, LINK has had a 110% surge since the initiation report in August 2023. The analysis positions LINK favorably to benefit from the long-term trend in the tokenization of real-world assets, citing examples like US T-Bills.
Source: altFINS – Start using it today
Examining the trend across all time horizons—short, medium, and long-term—the momentum indicators paint a bullish picture. The MACD Line remains above the MACD Signal Line, while the RSI sits comfortably above 55, affirming positive market sentiment.
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For traders and investors, key support zones include $14.50 (previous resistance) and $11.80, serving as crucial levels to monitor for potential retracement. On the upside, resistance zones at $17.00 and $20.00 are pivotal, representing significant hurdles that, if overcome, could propel LINK into a new phase of bullish momentum. The comprehensive analysis offers a strategic overview for market participants navigating Chainlink’s evolving price action.
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