Momentum

Notable

Chainlink

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/chainlinks-climb-to-over-20-spurred-by-notable-chart-formation" rel="noopener noreferrer nofollow">Chainlink’s Climb to Over $20 Spurred by Notable Chart Formation</a><br></p>
<p style="text-align: justify">Chainlink’s cryptocurrency token, LINK, has recently seen a significant resurgence, breaking past the $20 mark thanks to robust support at $18. This resurgence has been marked by increased trading volume and heightened network activity. The rally was primarily driven by a breakthrough in the resistance level, commonly referred to as the ‘neckline’, within a bullish chart pattern known as the ‘cup and handle’.</p>
<h2 id="link-s-market-uptrend-following-technical-breakout">LINK’s Market Uptrend Following Technical Breakout</h2>
<p style="text-align: justify">From late January, LINK began ascending from a low of $13.50, signaling a turnaround that resulted in a 46.7% gain over three weeks, hitting the $20 milestone for the first time in two years. This surge is attributed to a successful push past the $17.5 resistance, confirming the ‘cup and handle’ pattern—a bullish indicator suggesting an end to a downtrend and an entry opportunity for investors.</p>
<p style="text-align: justify">EkponoAkwaowo, a content partner at Intotheblock, emphasized LINK’s 11% price surge, which achieved a 22-month peak, coinciding with increased network activity. This includes more active wallet addresses and the creation of new ones, signaling broader engagement on the Chainlink network.</p>
<p style="text-align: justify">Substantial transactions by ‘whales,’ or large stakeholders, reflect intense interest in LINK, hinting at a possible further 50% price increase, targeting $30. However, failure to maintain levels above $20.81 could see a retraction to the $17-$18 range.</p>
<p style="text-align: justify">The future trajectory of LINK’s price, however, is closely tied to <a href="https://en.bitcoinhaber.net/bitcoins-current-rally-could-be-more-stable-than-the-2017-rally-says-analyst" rel="noopener noreferrer nofollow">Bitcoin</a>‘s market behavior, as fluctuations in the primary cryptocurrency are likely to influence LINK.</p>
<h2 id="analysts-give-insight-on-link-s-technical-momentum">Analysts Give Insight on LINK’s Technical Momentum</h2>
<p style="text-align: justify">Technical indicators like the Bollinger Bands suggest a bullish run for LINK, with buyer dominance. However, the high reading of the Average Directional Index warns of a possible minor pullback, tempering the rapid ascent, and indicating a potential for a short-term correction within the broader upward trend.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/chainlinks-climb-to-over-20-spurred-by-notable-chart-formation" rel="noopener noreferrer nofollow">Chainlink’s Climb to Over $20 Spurred by Notable Chart Formation</a></h5>

Chainlink’s Climb to Over $20 Spurred by Notable Chart Formation

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