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Chainlink (LINK) Price: Technical Patterns Suggest Possible Breakout Above $15.30
The price of Chainlink (LINK), currently trading at $15.02, has been displaying technical patterns that may signal a possible breakout above the stubborn resistance level of $15.30. This pivotal level has long held bears and bulls alike in a stalemate. However, recent activity on the chart reveals an increasingly optimistic outlook.
The formation of an inverse head-and-shoulders pattern suggests that investors are becoming more bullish, as this structure signals a reversal in sentiment. Moreover, the 9 EMA has crossed above the 21 EMA, providing short-term momentum support for LINK’s upward trajectory. Furthermore, the SuperTrend indicator on the daily chart has flashed a buy signal.
In addition to these indicators, market experts anticipate that any successful breakout above $15.30 may result in a significant surge towards the first target at $31.85 and possibly even the second target at $45.50. As LINK’s role as a leading DeFi oracle strengthens through partnerships with reputable institutions like Fidelity International and Sygnum, the demand for its tokens is expected to increase.
The recent staking roadmap update may also contribute to upward price pressure by reducing the circulating supply of LINK tokens. These factors combined have led experts to conclude that investors should be prepared for a potential breakout above $15.30.
In conclusion, investors should keep a close eye on the current situation as there is a high likelihood that the recent upward trend will continue, potentially driving the price of Chainlink (LINK) even higher.
Source: https://blockonomi.com/chainlink-link-price-technical-patterns-suggest-possible-breakout-above-15-30/
