- Chainlink’s megaphone pattern suggests a potential 300% breakout toward the $45 level.
- The RSI and Bollinger Bands indicate oversold conditions, hinting at a possible rebound.
- Political support from Trump’s administration strengthens Chainlink’s long-term growth prospects.
The price of LINK is nearing a key support level, and traders are paying close attention. A powerful price pattern has formed, suggesting a major breakout could happen soon. This structure, known as a megaphone pattern, often signals a strong trend reversal. If the pattern holds, a rally toward $45 may follow. However, failure to hold support could trigger a deeper drop. With market sentiment shifting, buyers and sellers are preparing for a major battle.
Megaphone Pattern Signals a Massive Surge
Chainlink’s price action reveals a broadening wedge, a formation with expanding trendlines. The upper boundary connects higher highs since late 2022. The lower boundary links key support levels from mid-2023. This setup often leads to strong price swings before a breakout. The current price hovers near the lower boundary. A rebound from this level could push Chainlink toward $30.
This price aligns with the 50% Fibonacci retracement. If buying pressure increases, a breakout could send the price soaring to $45. The 20-day Exponential Moving Average (EMA) sits at $15.64, acting as a strong resistance. A move above this barrier could confirm a bullish shift. Failure to reclaim this level may lead to further declines.
Political Support Strengthens Chainlink’s Outlook
Arkham data shows that US government wallets hold over $1.28 million worth of Chainlink. President Donald Trump recently announced plans to include seized digital assets in a national reserve. His administration supports blockchain projects created in the United States.
Chainlink co-founder Sergey Nazarov attended the White House Digital Asset Summit. Nazarov praised Trump’s crypto-friendly approach and stressed the importance of blockchain innovation. Government backing could drive further adoption and long-term growth.
A strong bounce from support could trigger a 300% rally. However, resistance at $15.64 must break to confirm an uptrend. Political backing and increasing adoption add to the bullish outlook. Traders should watch key levels closely as Chainlink prepares for a potential breakout.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed