Bullish Momentum Points in Chainlink Eyes $25!
Recent Surge: LINK price witnesses a substantial 10.67% jump, highlighting an increase in buying pressure.
Rounding Bottom Pattern: The ongoing rally in Chainlink aims to complete a rounding bottom pattern in the weekly chart, a bullish signal for potential trend reversals.
Key Neckline: The neckline of the pattern is positioned at $18.38, marking a pivotal point for the bullish breakout.
Breakout Potential: A successful bullish breakout could propel LINK prices toward the $25 mark.
Market Dynamics: Bitcoin's recent climb to $43K boosts overall market sentiment, benefiting altcoins like Chainlink.
Technical Indicators: The weekly 50 and 200 EMA indicate a golden crossover, a strong bullish signal in LINK's price chart.
DMI Indicator Support: The VI lines in the DMI indicator show a bullish crossover, adding to the positive outlook.
Current Trading Price: LINK trades at $17.27, showing a strong potential to challenge and surpass the $20 level.
Year-to-Date Growth: LINK has seen a substantial 215% gain this year, making it one of the standout performers in the altcoin sector.
Next Levels to Watch: If LINK sustains its upward trajectory, it could challenge the $20 mark and potentially approach the $23 level, aligning with the 38.20% Fibonacci retracement.
Potential Reversal Risks: A reversal below the $17 mark could lead to a retest of lower support levels around $15.
Rounding Bottom Pattern: The ongoing rally in Chainlink aims to complete a rounding bottom pattern in the weekly chart, a bullish signal for potential trend reversals.
Key Neckline: The neckline of the pattern is positioned at $18.38, marking a pivotal point for the bullish breakout.
Breakout Potential: A successful bullish breakout could propel LINK prices toward the $25 mark.
Market Dynamics: Bitcoin's recent climb to $43K boosts overall market sentiment, benefiting altcoins like Chainlink.
Technical Indicators: The weekly 50 and 200 EMA indicate a golden crossover, a strong bullish signal in LINK's price chart.
DMI Indicator Support: The VI lines in the DMI indicator show a bullish crossover, adding to the positive outlook.
Current Trading Price: LINK trades at $17.27, showing a strong potential to challenge and surpass the $20 level.
Year-to-Date Growth: LINK has seen a substantial 215% gain this year, making it one of the standout performers in the altcoin sector.
Next Levels to Watch: If LINK sustains its upward trajectory, it could challenge the $20 mark and potentially approach the $23 level, aligning with the 38.20% Fibonacci retracement.
Potential Reversal Risks: A reversal below the $17 mark could lead to a retest of lower support levels around $15.