Will Chainlink (LINK) Explode Past $17.80? Bullish Channel Signals More Upside
- LINK is trading at $16.67, gaining over 1.5% in the past 24 hours amid strong bullish momentum.
- The price continues to follow an ascending channel, signaling sustained buyer interest.
- A breakout above $17.80 could open the door to $20.00, with further targets at $22.50 and $24.00.
- Support at $15.80 remains key; dips within the channel may offer buying opportunities.
Chainlink (LINK) is showing strong signs of bullish momentum, climbing over 1.5% in the past 24 hours to trade at $16.67. Over the past week, LINK is on the uptrend and up by almost 25% showing signs for further upward movements.
Chainlink has been trending within a well-defined ascending channel since early April, maintaining a pattern of higher highs and higher lows. This technical setup indicates sustained buyer interest and a possible breakout toward higher resistance levels.
Chainlink Poised for Rally if $17.80 Breaks
The price recently tested the $17.80 level but was met with resistance near the top of the channel. A successful breakout above this level could trigger a rally toward the psychological $20.00 mark. If this move gains traction, LINK may extend its rally toward the next major resistance levels at $22.50 and $24.00.
On the downside, immediate support lies at $15.80. A break below this could see LINK falling toward the channels lower boundary around $14.00. Further losses might drag the price down to $12.00, though the overall market structure currently favors bulls. As long as LINK remains inside the ascending channel, dips may present buying opportunities.
From a broader perspective, Chainlinks upward momentum is supported by growing interest in decentralized oracle solutions and improved market sentiment. The technical outlook remains positive, with bullish momentum dominating the trend. Traders are closely watching for a decisive move above $17.80 to confirm the next leg higher.
If LINK manages to close above this critical resistance with increased volume, the path to $20.00 becomes more likely. This breakout could attract further attention from traders looking for short- and mid-term upside potential.
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Text source: TronWeekly
