The cryptocurrency market continues to be bullish, with Bitcoin rising 30% in the past 30 days. Following the king of cryptocurrencies, major altcoins like Chainlink (LINK) and Polkadot (DOT) have also surged, each achieving an incredible increase of over 30% in the past 30 days.
Both tokens appear to be following similar paths, with their charts showing key breakout patterns that could determine the next phase of their rebounds. Let's analyze these two tokens to understand their potential trends.
Chainlink (LINK):
Since breaking the downward trend line at $11.12 earlier this month, LINK has confirmed its bullish momentum by breaking out of a broader bullish wedge pattern. This has pushed the LINK price up to around $15, a key resistance area that has been tested repeatedly. A decisive breakout above this level could trigger a sustained rally.
Immediate resistance: The $15.02 level is a critical resistance area for LINK. Breaking this key level could indicate the continuation of its bullish momentum and pave the way for further upward movement.
Upward targets: If LINK successfully breaks the resistance levels, it may aim for higher targets of $19.00 and $22.88. A continued rise that breaks these levels will confirm a strong upward trend, signaling significant increases in the future.
Polkadot (DOT):
Like LINK, DOT has shown significant bullish momentum this month. Earlier this month, DOT broke the downward trend line at $4.09 and broke out of the bullish wedge pattern, confirming its upward trajectory. This move has brought DOT to its current level, hovering near the key resistance area of $6.47. A decisive breakout above this resistance level could pave the way for substantial gains.
Immediate resistance level: The $6.47 level is a key obstacle currently facing DOT. A decisive breakout of this area could confirm bullish momentum and lay the groundwork for further upward movement.
Upward targets: If DOT breaks above the current resistance level, its next targets could be $7.27 and $7.78. If it continues to rise and breaks these levels, DOT may advance towards its long-term target of $11.87, which is an important milestone for the token.
Similar trajectories: A mirror of the market?
Both LINK and DOT exhibit bullish momentum patterns driven by broader market conditions and technical breakthroughs. Their wedge breakout patterns suggest that they may still have considerable room for growth.
While LINK has slightly led in breaking through resistance areas, DOT is catching up with strong support levels and momentum. These tokens demonstrate how altcoins can reflect each other's behavior during bullish phases, especially when combined with Bitcoin's strong performance.
Conclusion
Both LINK and DOT are at a critical moment, and the next move depends on successfully breaking the resistance levels. A breakout above these levels could propel them towards higher targets, while failure could lead to consolidation or a retest of previous breakout levels.
