This Chart Pattern Signals Bigger Gains Ahead for ChainLink (LINK) Price – Here’s the Outlook!
ChainLink’s price is making moves upward, breaking out of its downward trend. LINK is one of today’s top performers in crypto. The price is up 7.90% with trading volume increasing by 47.99%, showing growing interest from traders. This breakout suggests LINK could climb even higher.
The price pushed through its downward pattern, which often means a reversal is coming after prices have been falling for a while. LINK is trading at about $23.37. After moving sideways for some time, the price is now testing the $24.00 mark. If it breaks through,it could push toward $30.00.
Moreover, LINK’s price is facing its short-term resistance at the $24.00 mark. This level has previously halted price advances, and its significance as resistance could limit immediate growth. However, a successful breach of this level would likely propel ChainLink toward higher targets, as technical indicators suggest that the bullish trend is gaining momentum.
What you'll learn 👉
LINK Chart Analysis: Strong Support and Long-Term Trend
The 200-day Simple Moving Average (SMA) remains an essential support zone for ChainLink, currently positioned at $14.82. The price has stayed strong above its moving average, which gives it a good foundation to build on. The price probably won’t drop back to these support levels anytime soon, unless something dramatic changes in the market.
The technical indicators are looking good for LINK right now. While resistance at $24.00 may present a hurdle, the support at the SMA offers a reassuring safety net for potential pullbacks.
Read Also: Why Are Bitcoin (BTC) and Ripple (XRP) Prices Pumping?
Chainlink Market Momentum
The RSI sits at 54.40, showing the market isn’t overheated or oversold. As the RSI moves up, it matches the building momentum we’re seeing. If it crosses above 60, that would show buyers are getting more aggressive, which could push the price higher. The momentum looks steady, suggesting LINK’s price could keep climbing steadily.
The jump in trading volume adds weight to LINK’s upward move. A 47.99% rise in volume shows that market participants are actively engaging with the token, confirming that the recent price surge is backed by strong participation.
Looking ahead, things are looking up for LINK after this breakout. The key thing to watch is whether it can push past $24.00 – if it does, we could see bigger gains ahead.
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