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Chainlink (LINK) Turns Bullish: Bulls Eye a Massive 25% Surge!
The cryptocurrency market has been quite unpredictable lately, but one altcoin stands out with its recent price movement – Chainlink (LINK). As of the writing of this article, LINK is up over 10% and shows no signs of slowing down. In fact, many analysts believe that this upward trend could continue for a massive 25% surge!
The reasons behind this bullish move are quite clear. After a steady decline, LINK found support near the $18.00 zone and has since started a fresh increase above the $20.00 and $22.00 resistance levels. Furthermore, the price has climbed above the 50% Fib retracement level of the downward move from the $30.76 swing high to the $17.90 low. This surge was further fueled by LINK’s ability to clear a key contracting triangle with resistance at $21.80 on the daily chart.
It is now consolidating gains above the $24.00 level, suggesting that this upward trend could continue in the near term. The current price action on the daily chart also indicates the potential for a fresh surge.
Immediate resistance lies near the $25.00 level, with the next major obstacle at $25.80 or the 61.8% Fib retracement level of the downward move from the $30.76 swing high to the $17.90 low. If LINK is able to break through this resistance level, it could set the stage for a fresh surge.
The main resistance now forms near the $27.70 level. If bulls are able to clear this hurdle, it would open the doors for a pump towards the $30.00 resistance zone. The next key resistance lies at the $32.50 level. Any additional gains might send LINK’s price towards the $35.00 level.
Recently, Donald Trump Jr.’s strategic purchases of major cryptos, including LINK (worth $4,700,000) to commemorate the inauguration of his father as the 47th President of the United States, has sparked a bullish move in LINK’s price.
However, should LINK fail near $25.00 or $25.80, there could be a downside correction. Immediate support is near the $23.50 zone and the 50-day simple moving average (blue). The next major support lies at $21.80, a multi-touch zone, and the triangle’s trend line. If LINK’s price falls below these levels, it may slide and test $20.00 before continuing downward to $17.80.
Overall, Chainlink’s price is trading in a bullish zone above the $24.00 support and the 50-day simple moving average (blue).
Source: coinchapter.com
