Chainlink (LINK) Surge: Will $50 Be the Next Milestone?
- Chainlink (LINK) hs surgd 47%, currntly trding t $29.98, with nlysts ying $50.
- World Librty Finncs $2.3 million LINK purchs fuls spcultion bout potntil BlckRock prtnrship.
- LINKs brkout pst $13.50 nd $17.50 rsistnc lvls signls bullish momntum, pproching $30.40.
Chainlink (LINK) hs cpturd th cryptocurrncy spotlight with n imprssiv surg, outprforming its prs by tripling in vlu sinc Novmbr. Whil th coin fcd brif pullbck rlir this wk, its bullish momntum hs quickly rsumd. As of now, LINK is trding t $29.98, fuld by rmrkbl 47% jump from lst wks low. Anlysts r incrsingly optimistic bout th possibility of LINK rching $50 in th coming wks.
This pric rlly mrks notbl shift for Chainlink, brking fr from prolongd downtrnd. Th cryptocurrncy hd bn consolidting within flling wdg pttrn, formtion tht st th stg for its brkout in Q4 2024. Adding to th xcitmnt, World Librty Finnc, compny linkd to Donld Trump, purchsd LINK tokns worth $2.3 million. Spcultion bout prtnrship with BlckRock pprs to b driving this strtgic mov.
Analysts Eye $30.40 Resistance Break
Mrkt chrts rvl th brkout bgn rlir this yr whn LINK brchd rsistnc lvls of $13.50 nd $17.50. Ths criticl pric points hv now turnd into firm support zons, bolstring LINKs rlly. Strong buying ctivity proplld it pst ths brrirs, nd s of now, LINK is pproching criticl rsistnc lvl nr $30.40. Anlysts suggst tht dcisiv clos bov this pric could pv th wy for furthr growth.
Ali Martinez, prominnt crypto nlyst, xprssd optimism on X, stting, Chainlink looks lik it wnts to brk out to $34. I will b wtching for n hourly clos bov $30.4 to confirm th brkout. Byond this thrshold, intrmdit trgts li in th $35 to $40 rng, with long-trm gol of $55.39.
Th bullish momntum is supportd by historicl pttrns. Crypto xprt ZAYKChrts highlightd two mjor flling wdg formtions ovr th pst thr yrs. Th first dvlopd btwn 2021 nd rly 2022, whil th scond spnnd 2022 to lt 2024. Both culmintd in strong upwrd movmnts, mrking th nd of LINKs xtndd downtrnd nd rinforcing its currnt trjctory.
Chainlink Overbought, Pullback Likely
Tchnicl indictors on th dily chrt furthr ffirm LINKs strngth. Th Exponntil Moving Avrgs (EMA) confirm bullish trnd, with th 20-dy EMA t $23.79 nd th 50-dy EMA t $19.27 stnding wll bov th 100-dy EMA of $16.34 nd 200-dy EMA of $14.84. Howvr, th currnt pric fr bov ths vrgs, suggsts tht th sst my b ovrxtndd, rising th potntil for pullbck or consolidtion.
Th Rltiv Strngth Indx (RSI) currntly stnds t 70.35, plcing LINK in ovrbought trritory. Whil this highlights strong buying momntum, it lso riss th liklihood of profit-tking, which could introduc tmporry downwrd prssur. Mnwhil, th MACD rmins in bullish trritory.
Adding to th positiv signls, th Chikin Mony Flow (CMF) shows rising buying momntum, rinforcing optimism for potntil brkout. Ths indictors collctivly point to n imminnt brkout towrd $34, supporting nlyst prdictions.
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Text source: TronWeekly
