📈 Chainlink's price could rise by 45% following sustained support-resistance flips as LINK sentiment undergoes a shift.
📈 Chainlink (LINK) price showing bullish bias: Following a robust breakout in October, Chainlink (LINK) price is displaying a bullish bias, rallying alongside the broader market. The prospects for further gains appear promising as LINK bulls demonstrate strength.
🚀 Chainlink price could rally 45%: After breaking out from a 550-day consolidation, Chainlink price is moving within an ascending parallel channel. The recent support-resistance flips at $13.08 and $16.86 indicate a shift in market sentiment from bearish to bullish, with previous resistance levels now acting as support.
📊 Multiple technical indicators align: The Relative Strength Index (RSI), Awesome Oscillator (AO), and Moving Average Convergence Divergence (MACD) are all indicating bullish momentum. A pending buy signal in the RSI, along with positive readings in the AO and MACD, suggests favorable conditions for long positions.
🎯 Potential targets and scenarios: The next likely target for Chainlink price is the $28.71 resistance level, representing a 45% climb from current levels. In a highly bullish scenario, LINK could even reach the $37.00 resistance level. However, a rejection from the midline of the channel could lead to a drop below key support levels at $18.32 and $16.86.
⚠️ Risk considerations: Despite the bullish outlook, a descent below crucial support levels at $13.08 would invalidate the bullish thesis, potentially signaling further downside for LINK price.
