In the dynamic crypto market where Bitcoin leads the charge with a dominance that recently topped 54%, altcoins are also witnessing substantial market movements. Amid Bitcoin’s value surge, altcoins like Ethereum have crossed notable price thresholds, with Ethereum stepping over $3,600. Following this trend, Chainlink (LINK), a prominent oracle network, is drawing attention with its promising price activity.
Chainlink Breaks Resistance and Signals Uptrend
Chainlink’s recent price trajectory indicates a rebound off a key resistance level, setting it on a potential uptrend. Last week, LINK’s value soared past the $18 resistance, turning it into a support zone. This uptick has been marked by a bullish engulfing pattern, a sign of strong buying interest at minor price declines, hinting at a powerful market sentiment in favor of bulls.
Supporting these bullish indicators, the weekly Relative Strength Index (RSI) has pivoted off the previously established bearish divergence line, suggesting a bullish momentum buildup. This technical analysis posits that LINK could be eyeing a 35.61% rise to the next major resistance at $28.
LINK’s Strength in the Short-Term Market
On a shorter time frame, LINK has also breached a temporary resistance line and has since been treating it as a new support level. This break above resistance coupled with an RSI consistently above 50 on the 4-hour chart signals that bulls are steering the market’s direction.
The immediate future seems bright for LINK, with expectations of a climb towards the next horizontal resistance at $22.6. While the $28 mark is a target, the short-term goal remains at $22.6. Despite the optimism, a dip below $18 could negate the current bullish outlook. Currently, LINK is trading at $20.47, reflecting the robust market interest in this cryptocurrency.