Chainlink (LINK) has surged beyond key resistance levels, suggesting further strengthening in its market position.
LINK's Technical Breakthrough: Confirming Bullish Momentum
A chart shared by @CryptoELlTES shows LINK decisively breaking above the descending trendline since 2021. This rise is supported by a cup-and-handle formation, a bullish pattern indicating potential price growth. LINK has surpassed the $21.67 resistance level, aligning with the 0.618 Fibonacci retracement level, reinforcing the bullish outlook.
Market Context and Chainlink's Indicators
LINK is currently priced at $19.22, down 3.14% in the last 24 hours and 22.98% over the past week. Despite the temporary dip, trading volume at $699 million indicates increasing interest in the asset.
Future Targets and Resistance Levels
The key target is LINK stabilizing above $21.67. If achieved, traders anticipate a move to $53, and potentially $100 and $144 based on Fibonacci extensions. The 0.786 level ($32.336) remains the first major resistance in the new bullish phase.
Current market indicators and rising momentum suggest Chainlink may be poised for significant price increases in the coming months. Stabilizing above key levels could support LINK's further ascent.
