Nov 21, 2024

6thTrade

Chainlink (LINK) has surged over 10% in the past 24 hours, reaching $15.18 and igniting optimism among analysts. Predictions suggest the token could rise further, with a target of $18 in the near term. $LINK

Key Highlights:

  • Price Surge: LINK has rallied 10% in 24 hours, with its market cap increasing to $9.51 billion, up 11.4% intraday.

  • Trading Volume Spike: LINK’s 24-hour trading volume rose to $988.81 million, a 53.56% increase, indicating heightened activity.

  • Breaking Resistance: LINK broke out of a critical resistance at $13, flipping it into a support level, signaling a shift in market sentiment.

Analyst Predictions:

Michael Van De Poppe:

  • The founder of MN Trading Ventures emphasized the significance of LINK breaking through the $13 resistance.

  • He predicts a climb to $18, stating that the low around $13 offers a "tremendous opportunity."

  • Poppe believes that this breakout aligns with LINK’s strong technical setup and sets the stage for further upward momentum.

Crypto Patel:

  • Patel highlights that LINK has risen steadily from its $5 bottom, showing resilience after falling 90% from its all-time high.

  • He suggests a potential return to ATH levels, representing a 280% upside from current prices, provided LINK stays above $8.

Technical Analysis: Rising Wedge Pattern

LINK’s price movement has formed a rising wedge pattern, typically signaling consolidation or a potential bearish reversal:

  • Current Range: LINK trades between $15.12 and $15.50, with higher highs and higher lows.

  • Volume Oscillator: Declining volume during the rise suggests weakening buying pressure, raising concerns about sustained bullish momentum.

Key Levels to Watch:

  • Immediate Resistance: $15.50 – A breakout here could propel LINK to $17.83 and the psychological barrier of $18.00.

  • Support Levels: $14.80 and $14.50 – A breakdown below these levels could lead to a retracement to $13.50 or even $13.00.

Chainlink’s recent rally and breakout from critical resistance have fueled optimism about its potential for further gains. While analysts are bullish, technical indicators suggest the possibility of consolidation or a pullback before LINK can sustain a move to $18 or beyond.

Traders should monitor key resistance and support levels closely, as a breach of these zones could dictate LINK’s next trajectory. If bullish momentum continues, LINK could solidify its position as a standout performer in the crypto market.