Analysis from ZAYK Charts lately has spotlighted Chainlink (LINK) and Filecoin (FIL), two top cryptos showing promising upward trends. According to tweets from ZAYK Charts, LINK is breaking out as projected, with a potential target of $40, while FIL has confirmed a falling wedge breakout on the daily chart, indicating a bullish phase ahead
Chainlink (LINK) Sets Sights on $40
Chainlink’s breakout from a descending wedge pattern on the weekly timeframe signals a bullish reversal, as noted in ZAYK Charts’ tweet.
Descending wedges typically indicate a shift from bearish to bullish sentiment when prices break above the upper trend line, signaling a potential uptrend.
$LINK is Breaking out as ExpectedSend it 40$#LINK #LINKUSDT #Chainlink #Crypto https://t.co/jbOh0qM4m8 pic.twitter.com/aQM8LSgH50
— ZAYK Charts (@ZAYKCharts) November 7, 2024
The current LINK breakout around $12.50, now acting as support, marks the first key level in this shift. The price is expected to encounter some resistance around $25.
Sustained momentum, however, could push LINK’s price towards its projected $40 target, an increase of around 326% from the breakout level.
Besides, this target aligns with the height of the wedge, which often serves as a reliable measure in technical analysis. With strong buying interest suggested by the weekly timeframe, LINK could see continued positive movement in line with market expectations.
Filecoin (FIL) Signals Bullish Momentum
In a similar move to LINK, Filecoin (FIL) has shown a bullish signal after breaking out of a falling wedge pattern on the daily timeframe.
This pattern often indicates a trend reversal when prices break above the upper trend line, signaling a potential shift to an uptrend. This breakout suggests a wave of buying activity, pushing FIL into a bullish phase.
$FIL A falling wedge breakout has occurred on the daily chartLooking forward to a bullish wave#FIL #FILUSDT #Crypto pic.twitter.com/eWXly0F8wW
— ZAYK Charts (@ZAYKCharts) November 7, 2024
ZAYK Charts’ tweet mentions an anticipated “bullish wave” for FIL, reinforcing the positive sentiment and setting a target range in the green zone around $6.40. Besides, the projection represents a 75% gain from the breakout level of $3.80. This marks a notable reversal from previous lows and aligning with historical resistance.
Read also: Why Is Lido DAO Pumping? Expert Outlines LDO Price Path to $3
Key Levels for FIL’s Uptrend
With FIL’s breakout confirmed, the new support level around $3.80 now serves as a base for further upward movement.
Buyers are expected to defend this level as FIL approaches near-term resistance around $5. If FIL sustains momentum and breaks through this resistance, it could rally toward the $6.40 target, as outlined in the analysis and tweet by ZAYK Charts.
Both LINK and FIL exhibit technical patterns consistent with bullish reversals, drawing attention from traders and analysts. The breakouts and projected targets highlight their potential for sustained momentum in the weeks ahead.
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The post Chainlink (LINK) Price Breaking Out as Expected While Filecoin (FIL) Prepares for a ‘Bullish Wave’ appeared first on CaptainAltcoin.
