- This cryptocurrency has come out of a very lengthy ranging market formation, which implies the probability of its rise to $30 mark.
- Bearish sentiment is defeated by higher trading volume and by positive MACD/RSI crossover signals stemming from oversold technical territory.
- LINK has been advised to retain its upward trend and keep the LINK above the key support areas to keep up its growth.
Chainlink (LINK), with its decentralized oracle network is also exhibiting bullishness after correcting for an extended period. Latest technical research shows that LINK has formed a bullish pattern after being in a consolidation for such a long time, with analysts suggesting it might be in the process of rallying to around $30 in the following weeks.
Breaking Free From Consolidation
The breakout occurs after LINK has been raging inside a tighter and tighter range, which shows a general market uncertainty. LINK apex tested a descending trendline resistance on its hourly chart on January 2, 2025, which signified the end of the correction phase and potentially a reversal to a bullish run.
The breakout emerged near $22 and trading volume went up, which marked a signal of the validity of the breakout among the market participants. Continuation of this rally can bring LINK to a $30 area which has been created by its previous December 2024 highs.
Technical Indicators Support Positive Outlook
Several technical indicators further validate the bullish outlook for LINK. The Relative Strength Index (RSI) has changed to a higher position which is explaining the buying pressure currently the RSI is 50.29 which is a neutral zone for LINK. The Moving Average Convergence Divergence (MACD) is now above the midline. Taken together, these signs point to a belief that while the selling spree might have been a long one, buyers are now slowly taking charge.
Source:Trading View
However, according to the market, analysts LINK needs to continue with its current steam and ensure the price remains above critical support levels for the upward trend to continue. This may not be achieved hence resulting in a retest of lower levels disapproving short-term optimism.
As seen in the market movements above, LINK has replicated this to the current state of the market, where investors are tracing to stable projects that have real-world applications.With LINK’s value still looking to climb back above the $30 mark, all focus will remain on its price to post strong gains.
The post From Correction to Breakout: Chainlink Signals a Potential Rally to $30 appeared first on Crypto News Land.
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