LINK Explodes 30% Weekly: Is the Top In or More Gains Ahead? Three Things to Watch This Week (Chainlink Price Analysis)


LINK has put bulls in charge while breaking out from a range that lasted three months.

Key Support levels: $18

Key Resistance levels: $23

1. Major Breakout

After a prolonged consolidation, LINK has finally broken above $17.6, which has turned into a key support. With a higher high and clear bullish momentum, this cryptocurrency seems set to aim for the next target of $23.

Chart by TradingView

2. Buyers Dominate

Volume exploded during the breakout, and with it, the momentum indicators have turned bullish. Sellers appear to have vanished from the chart and were nowhere to be seen during this latest push higher.

LINKUSDT_2024-02-05_17-20-32
Chart by TradingView

3. Bullish Cross Confirmed

The three-day MACD has made a bullish cross. This signals a significant change in the price action and show that this rally may be just beginning.

LINKUSDT_2024-02-05_17-21-11
Chart by TradingView

Bias

The bias for LINK is bullish.

Short-Term Prediction for LINK Price

With the bulls in charge, the most likely path forward for LINK seems to be that of new highs, but it’s important to see how the sellers will react if the price reaches $23.

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Cryptocurrency charts by TradingView.



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