2024

April

Chainlink

<ul>
 <li aria-level="1">Chainlink trades at $13.42, showing a 3.07% increase, amidst forming a symmetrical triangle pattern on weekly charts.</li>
 <li aria-level="1">Analysts predict a potential rally for LINK, with a breakout above $16 possibly pushing prices up to $37.278.</li>
</ul>
Chainlink (LINK) is currently witnessing a pattern that could potentially set the stage for a substantial increase in its value. Trading at $13.42, LINK has shown a modest rise of 3.07% over the last 24 hours, according to ETHNews. 
<div class="cryptoboxes" id="mcw-12709" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-chartcoin="LINK" data-chartcurrency="USD" data-chartrate="1.000268" data-charttype="chart" data-chartview="day" data-charttheme="light" data-chartsmooth="true" data-chartareacolor="" data-chartbgcolor=""></div>
</div>
This activity takes place within a symmetrical triangle pattern identified on the weekly charts, suggesting that LINK could be on the verge of a bullish movement.
This pattern, which began forming between the high of $22.87 on March 11 and the low of $11.01 on July 1, indicates a consolidation phase that is typically followed by a significant price movement. Analysts, including Ali on X, <a href="https://twitter.com/ali_charts/status/1816607685258973447" rel="noopener noreferrer nofollow">note</a> that the TD Sequential has signaled a buy on the 4-hour chart, adding to the <a href="https://www.ethnews.com/chainlink-whale-activity-rises-a-detailed-analysis-of-link-token-accumulation-trends/" rel="noopener noreferrer nofollow">positive outlook</a> for LINK.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 The TD Sequential presents a buy signal on the <a href="https://twitter.com/hashtag/Chainlink?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Chainlink</a> <a href="https://twitter.com/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$LINK</a> 4-hour chart! <a href="https://t.co/dlh9SH0HUf" rel="noopener noreferrer nofollow">pic.twitter.com/dlh9SH0HUf</a>
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1816607685258973447?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 25, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
If LINK breaks through the critical resistance level of $16.00, it could trigger a rally of up to 143%, potentially pushing the price to approximately $37.278. 
<figure id="attachment_84191" aria-describedby="caption-attachment-84191" style="width: 100%" class="wp-caption aligncenter"><img fetchpriority="high" decoding="async" class="size-full wp-image-84191" src="https://www.ethnews.com/wp-content/uploads/2024/07/143-surge-TradingView-e1722052976511.png" alt="chainlink-surge-TradingView" width="1814" height="919">
 <figcaption id="caption-attachment-84191" class="wp-caption-text">
 Source: Tradingview
 </figcaption>
</figure>
Such a surge would not only reflect growing market confidence in Chainlink but also a robust interest in its technological capabilities.
<h2 id="b-technical-analysis-and-market-indicators-b">Technical Analysis and Market Indicators</h2>
LINK has encountered persistent resistance at $13.66 through the first and second quarters, with the price correcting back to the support trendline at $12.08. Recently, LINK rebounded from this support, climbing to its current level and aligning with key moving averages, including EMA 20/50/100/200.
<figure id="attachment_84195" aria-describedby="caption-attachment-84195" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="wp-image-84195 size-full" title="LINKUSD_2024-07-26_14-02-07" src="https://www.ethnews.com/wp-content/uploads/2024/07/LINKUSD_2024-07-26_14-02-07-e1722053849237.png" alt="LINKUSD_2024-07-26_14-02-07" width="980" height="465">
 <figcaption id="caption-attachment-84195" class="wp-caption-text">
 Source: Tradingview
 </figcaption>
</figure>
 Holding <a href="https://www.ethnews.com/chainlink-whale-movements-spark-fear-among-investors-a-deep-dive-into-recent-market-activity/" rel="noopener noreferrer nofollow">these levels</a> could see LINK increase by 27.6%, aiming to retest the weekly resistance at $16.22.
The Relative Strength Index (RSI) and Awesome Oscillator (AO) on the daily charts currently show LINK just below the neutral 50 mark. For a recovery rally to gain momentum, these indicators need to maintain above their average levels.
<h3 id="b-considerations-and-risks-b">Considerations and Risks</h3>
Despite the optimistic scenario, there is a downside risk. If LINK’s price closes below $11.04 on the weekly chart, it would negate the bullish pattern and could lead to a significant drop, potentially reducing its value by 60.9% to as low as $4.996, reflecting its weekly lows from June 19, 2023.
<figure id="attachment_84199" aria-describedby="caption-attachment-84199" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-84199" src="https://www.ethnews.com/wp-content/uploads/2024/07/Santiment-LINK.png" alt="Santiment-LINK" width="1040" height="439">
 <figcaption id="caption-attachment-84199" class="wp-caption-text">
 Source: Santiment
 </figcaption>
</figure>
The <a href="https://www.ethnews.com/unprecedented-surge-in-chainlink-link-transactions-suggests-potential-market-shift/" rel="noopener noreferrer nofollow">network activity</a> on Chainlink has been relatively stable, with notable spikes in active addresses and transaction volume around April 8, 2024, which later returned to normal levels, indicating a temporary increase in user engagement.
The post <a href="https://www.ethnews.com/chainlink-poised-for-potential-breakout-as-market-eyes-37-price-target/" rel="noopener noreferrer nofollow">Chainlink Poised for Potential Breakout as Market Eyes $37 Price Target</a> appeared first on <a href="https://www.ethnews.com" rel="noopener noreferrer nofollow">ETHNews</a>.

Chainlink Poised for Potential Breakout as Market Eyes $37 Price Target

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