Following a slow price action for months, the Chainlink (LINK) price is again among top crypto gainers. LINK is now trading above $25 after pumping 30% today.
A Major Partnership Driving Momentum
This news broke out late last night and might be one of the main reasons for the pump: Chainlink and 21X have partnered to launch the first EU-regulated financial market infrastructure.
This partnership represents a milestone for Chainlink, potentially opening up new opportunities in the regulated European financial market. By collaborating with 21X, Chainlink is positioning itself as a key player in bridging traditional financial systems with blockchain technology.
TODAY: Chainlink and 21X have partnered to launch the first EU-regulated financial market infrastructure. pic.twitter.com/YgYhh5KWBz
— Cointelegraph (@Cointelegraph) December 2, 2024
Technical Analysis and Price Outlook
World of Charts updated his Chainlink price outlook in a recent viral tweet, providing insights into the cryptocurrency’s current trajectory.
The descending wedge or triangle pattern played out perfectly, with the LINK price breaking out above the upper resistance line and confirming a bullish trend reversal. This breakout has already led to a significant rally, pushing the price to $25.80, substantially higher than the initial $14–$15 breakout zone. The sustained bullish momentum suggests potential for further price appreciation.
Currently, the $14–$15 range, previously a resistance level, now acts as key support. This level could provide a solid foundation for any potential retracement. A minor support level has also emerged around $20, where price action consolidated briefly before its recent upward movement.
Source: X/@WorldOfCharts1
The Chainlink price is approaching a psychological resistance level around $30, which could trigger some profit-taking by traders. Beyond this point, the chart projects a potential target of $43.47, representing a substantial 232.9% gain from the initial breakout level. However, traders should be aware that such significant moves often come with periods of consolidation or minor pullbacks.
The cryptocurrency has already achieved nearly 84% gains from its breakout zone, demonstrating strong momentum. While the current trajectory looks promising, it’s essential to recognize that cryptocurrency markets can be highly volatile. Potential pullbacks to support levels at $20 or $15 could occur before any continued upward movement toward the projected target.
Read also: Hedera’s Macro Support Line Holds Strong as HBAR Price Hits $0.35: Here’s the Next Target
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more Visit eToro Now Active user community and social features like news feeds, chats for specific coins available for trading. Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs. Copy trading: allows users to copy the trades of leading traders, for free. User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
The post Why Is Chainlink (LINK) Price Up? appeared first on CaptainAltcoin.
