After moving back and forth between $13 and $17 for three months, the price has now surpassed the $17 resistance level, suggesting a potential increase to $20, marking an 18% upside. It's advisable to set a stop loss at $15.90 and keep an eye on price alerts. ChainLink (LINK) was our recommended coin pick, and it has seen a 110% increase since our initial report in August 2023. Being a prominent oracle data provider, it stands to benefit from the ongoing trend of tokenizing real-world assets such as US T-Bills.
Regarding the price pattern, it was trading within a Sideways Channel, indicating market indecision. For trend traders, it's wise to wait for a breakout in either direction, often aligning with the existing trend. Meanwhile, swing traders can engage within the range, buying near support and selling near resistance.
The overall trend is upward across short, medium, and long-term horizons. The nearest support zone is $13.00, while the recently breached resistance zone is $17.00, followed by a potential target of $20.00-28.00.
Regarding the price pattern, it was trading within a Sideways Channel, indicating market indecision. For trend traders, it's wise to wait for a breakout in either direction, often aligning with the existing trend. Meanwhile, swing traders can engage within the range, buying near support and selling near resistance.
The overall trend is upward across short, medium, and long-term horizons. The nearest support zone is $13.00, while the recently breached resistance zone is $17.00, followed by a potential target of $20.00-28.00.