After a period of volatility earlier in the month, Chainlink (LINK) has shown bullish momentum, emerging as a top performer in the crypto market over the past week. The coin is currently trading within an upward channel and has recently experienced a golden cross, hinting at potential value appreciation in the near future.
However, a glance at the Relative Strength Index (RSI) builds a possibility of red candlesticks or sideways movement in the coming days. The RSI is nearing the overbought zone above 70.0, which typically leads to corrections as the market cools down after a period of overheating.
At present, LINK is trading above the $6.50 level and the 100 simple moving average on the 4-hour chart. Additionally, if the bulls gain power and ignite bullish momentum, the price is predicted to break out of the rising channel and test its resistance level of $7.25. If there’s an upward push, resistance may be encountered near $7.45, followed by significant levels at $7.50, $8.00, and $8.20. The next major hurdle is anticipated around $8.50, with a potential test at $8.80 following a breakthrough.
Here’s are the target’s revealed by analyst.
Analyst Predict Short-term Bullish Trend
Crypto analyst Kevin Svenson suggests that Chainlink (LINK) could be on the cusp of a breakout rally. He points out that LINK recently surpassed the 500-day Simple Moving Average (SMA), a significant long-term indicator. Is it a potential sign of a broader shift in the cryptocurrency’s trajectory? Giving his nod, Svenson anticipates a short-term bullish trend, possibly rallying towards the macro resistance level.
Moreover, looking at the RSI indicator he cautions that LINK might require more time before entering a full-fledged bullish phase. He highlights a resistance line at around $10.90, suggesting a range of interest between $10.13 and $11. In the event of a breakout, a retest of lower levels may occur before a sustained upward move. Currently, LINK is valued at $7.60, marking a 2% decrease in the past 24 hours.
On the other hand, it appears that the price is currently waiting to reflect the decision of the Federal Reserve, crypto legislations, economic turbulences, and more!
