Convergence

Ethereum

Rally

Chainlink

Divergence

Chainlink, the oracle service provider, is experiencing robust trading activity, with its price surging by an impressive 6.5% in the last 24 hours, reaching $16. This significant movement positions Chainlink at the 12th spot by market cap, as it aims to secure a spot among the top ten cryptocurrencies, despite the broader market’s ongoing consolidation. 
<h3 id="chainlink-link-eyeing-a-potential-breakout">Chainlink (LINK) Eyeing A Potential Breakout</h3> 
In a recent analysis, crypto market analyst Michael van de Poppe provides insights into the potential trajectory of Chainlink ($LINK), indicating a likelihood of a bullish breakout. 
<figure id="attachment_177588" aria-describedby="caption-attachment-177588" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-177588" src="https://coingape.com/wp-content/uploads/2024/01/Chainlink-LINK-price-breakout.png" alt="" width="2274" height="1220" srcset="https://coingape.com/wp-content/uploads/2024/01/Chainlink-LINK-price-breakout.png 2274w, https://coingape.com/wp-content/uploads/2024/01/Chainlink-LINK-price-breakout-300x161.png 300w, https://coingape.com/wp-content/uploads/2024/01/Chainlink-LINK-price-breakout-1224x657.png 1224w, https://coingape.com/wp-content/uploads/2024/01/Chainlink-LINK-price-breakout-768x412.png 768w, https://coingape.com/wp-content/uploads/2024/01/Chainlink-LINK-price-breakout-1536x824.png 1536w, https://coingape.com/wp-content/uploads/2024/01/Chainlink-LINK-price-breakout-2048x1099.png 2048w, https://coingape.com/wp-content/uploads/2024/01/Chainlink-LINK-price-breakout-150x80.png 150w" sizes="(max-width: 2274px) 100vw, 2274px">
 <figcaption id="caption-attachment-177588" class="wp-caption-text">
 Courtesy: <a rel="nofollow" href="https://twitter.com/CryptoMichNL/status/1752432747476341102" target="_blank">Poppe</a>
 </figcaption>
</figure> 
Key factors supporting this prediction include: 
<ol> 
 <li>Liquidity Absorption: Chainlink has absorbed liquidity through a dip to the $12.20 level.</li> 
 <li>Resistance Testing: The cryptocurrency has undergone multiple tests of resistance, suggesting potential upward movement.</li> 
 <li>BTC and ETH Dynamics: The Bitcoin ($BTC) pair for Chainlink is showing signs of bottoming, while Ethereum ($ETH) is displaying increased activity.</li> 
</ol> 
Van de Poppe suggests that considering these factors, Chainlink could experience a positive breakout in the near future, with a projected price range of $25 to $30 in the coming months. Traders and investors are advised to monitor these developments for potential opportunities in the $LINK market. 
<h3 id="what-s-next-for-link">What’s Next for LINK?</h3> 
The price of Chainlink (LINK) has exhibited a consistent upward trend, signaling increasing bullish momentum. Encouragingly, the Cross EMA 50/200 day indicates a high likelihood of a Golden Cross, pointing towards significant price action in the upcoming days. 
<img decoding="async" class="aligncenter size-full wp-image-177593" src="https://coingape.com/wp-content/uploads/2024/01/Chainlink-price-chart.png" alt="" width="1437" height="806" srcset="https://coingape.com/wp-content/uploads/2024/01/Chainlink-price-chart.png 1437w, https://coingape.com/wp-content/uploads/2024/01/Chainlink-price-chart-300x168.png 300w, https://coingape.com/wp-content/uploads/2024/01/Chainlink-price-chart-1224x687.png 1224w, https://coingape.com/wp-content/uploads/2024/01/Chainlink-price-chart-768x431.png 768w, https://coingape.com/wp-content/uploads/2024/01/Chainlink-price-chart-678x381.png 678w, https://coingape.com/wp-content/uploads/2024/01/Chainlink-price-chart-150x84.png 150w" sizes="(max-width: 1437px) 100vw, 1437px"> 
The Moving Average Convergence Divergence (MACD) presents a continuous green histogram, indicating a prevailing bullish sentiment in the cryptocurrency market. Additionally, the moving averages depict a sustained upward trajectory, suggesting a continued rise in the LINK price in the days ahead. 
In the event that the bulls successfully drive the price beyond the resistance level of $15.411, it would pave the way for Chainlink to test its upper resistance level at $16.477. Moreover, maintaining stability at this level could potentially position the LINK token to challenge its resistance level of $17.677 in the foreseeable future. 
The post <a href="https://coingape.com/chainlink-link-price-shoots-6-5-eyeing-a-potential-rally-to-25-30/">Chainlink (LINK) Price Surges 6.5% Eyeing A Potential Rally to $25-$30</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Chainlink (LINK) Price Surges 6.5% Eyeing A Potential Rally to $25-$30

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