As the crypto market witnesses a bullish surge, Chainlink price gained 10%, reclaiming the $23 resistance level. Joining top performers like XRP and SOL, LINK has ignited investor optimism. This breakout hints at a possible rally toward $40, signaling growing confidence in altcoins amid significant market valuation increases and strengthened investor interest.
Can Chainlink Price Hit $40 After 10% Gain?
Analyst observations highlight a bullish trajectory for Chainlink (LINK) price as it targets the $40 mark. A falling wedge pattern suggests an impending breakout. Recent price activity shows LINK consolidating near $26, building momentum for a potential upward surge.
The analyst reveals a consistent trend of higher lows, supporting a bullish continuation narrative. Key resistance levels around $38.50 and $40 remain critical milestones for the cryptocurrency.
If LINK maintains its current momentum, breaching these levels could solidify its position in the broader market uptrend. With technical indicators favoring bullish sentiment, LINK appears poised for significant growth.
Chainlink Unveils CCIP v1.5 Upgrade
Chainlink has unveiled the CCIP v1.5 upgrade, designed to enhance cross-chain token deployment for developers. The upgrade introduces a new Cross-Chain Token standard, offering developers full control and ownership over their tokens.
Additionally, the CCIP Token Manager has been improved, providing an upgraded interface for managing and launching these tokens. This development, coupled with the overall growth in the crypto market, is expected to boost bullish sentiment surrounding LINK.
LINK Price Eye More Gain Amid Market Rebound
Chainlink price is showing a strong bullish trend, breaking past critical resistance levels. Currently LINK price is at $24.19, the cryptocurrency has recorded an impressive 11.21% gain over the past day.
Most of the cryptocurrencies have seen a market surge, with BTC hovering above $100k.
The technical analysis indicates a steady upward movement, with the price confined within an ascending channel. This suggests growing momentum among buyers, aiming for higher levels. Key support rests at $20, a critical level previously held against bearish pressure.
Indicators such as the MACD and RSI further confirm the bullish sentiment. The MACD line is above the signal line, with histogram bars increasing in size, indicating rising buying pressure. The RSI is at 72, entering the overbought zone. This signals strong demand but also warrants caution for potential pullbacks.
Looking ahead, the next resistance lies at $24.35. A breakout above this level could pave the way for a rally toward $30. However, failure to sustain the momentum might see the Chainlink price forecast retrace to the $20 support zone.
Chainlink’s recent surge signals growing bullish momentum. With technical indicators supporting a potential rise, the $40 target remains achievable. The CCIP v1.5 upgrade strengthens its position, but market conditions and resistance levels must be monitored for sustained growth.
The post Is Chainlink Price Set To Hit $40 In January? appeared first on CoinGape.
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