Chainlink (LINK) has been experiencing a period of consolidation around the $24 level, as it faces challenges in breaking through the $25 resistance. Despite favorable market conditions following a recent interest rate cut by the US Federal Reserve, LINK's performance has remained relatively stagnant. The source reports that analysts are closely monitoring the price chart for potential bullish patterns that could signal a breakout.
LINK Struggles to Maintain Momentum
Over the past week, LINK has struggled to maintain momentum, with its price hovering just below the critical $25 threshold. Analysts are closely monitoring this resistance level, as a successful breakout could signal a shift in market sentiment and lead to significant price increases.
Impact of Recent Interest Rate Cut
The recent interest rate cut has provided a boost to both stock and cryptocurrency markets, yet LINK has not capitalized on this trend. Market experts suggest that if LINK can surpass the $25 mark, it may set its sights on higher targets, with projections indicating potential price levels of:
- $30
- $40
Investor Advisory
Investors are advised to keep a close watch on LINK's price movements in the coming days.
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