Chainlink (LINK) Surges 16% Amid Bullish Predictions, Eyes $17 Resistance Break

The altcoin market is showing signs of a potential reversal as selling pressure diminishes following Bitcoin’s correction. Notably, Chainlink (LINK) has surged 16.23%, rebounding from a strong support level of $12.63 to $14.68. This rise indicates a return of investor confidence, paving the way for further upside.

Market analyst CryptoYapper recently offered In his bullish analysis of Chainlink, he highlights the strong recovery from established support levels. He highlighted the importance of the $13 support zone, which has been holding consistently strong and boosting trader confidence.

LINK is currently trading around $14.58 and exhibiting a strong uptrend. Price action indicates that LINK is targeting the first major resistance level at around $17. This level has historically influenced the price direction of LINK and has been an important pivot point.

Yapper believes Chainlink will challenge the $17 resistance. A breakout above this level could trigger further upside and ignite a new bullish trend for LINK. This optimism is based on a pattern of rising lows and sustained pressure on resistance, which indicates buyers are gaining momentum.

Institutional Investors Bet Big on Chainlink

Recent on-chain data shows that large and institutional investors are increasingly buying Chainlink. In the past week alone, 54 new wallets have withdrawn a total of 2.08 million LINK tokens (worth approximately $30.28 million) from Binance. Notably, the massive withdrawal of 139,111 LINK (worth $2.03 million) indicates strategic moves by large investors who anticipate bullish market trends ahead.

Additionally, Chainlink has jumped to second place in crypto development activity, just behind Hedera, according to data from Santiment. The ranking indicates significant development efforts over the past 30 days, highlighting Chainlink’s growing influence and continued innovation in the cryptocurrency space.

Chainlink began trading at $14.40 today, up 1.25% from the open price. It needs to surpass $13 to rise to the first major resistance level at $15.05. Above this level, LINK could rise to the next resistance level at $17.79 and then to the third resistance level at $18.79. These levels indicate points where LINK may face resistance or rise in value.

On the downside, the immediate support is at $13.16 while the more significant support level is at $12.94. The current relative strength index (RSI) of 46.95 is indicating neutral momentum and indicates that LINK may enter a period of consolidation or sideways trading unless a significant catalyst emerges.

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