The digital currency Chainlink (LINK) is showing positive signs of growth as it approaches a significant resistance level.
LINK Approaches Breakout Level
Chainlink's price is at $16.05, having gained over 4% in the last day and more than 15% in the last week. This places LINK close to the $17.5 level, which many view as the next hurdle. A break above this level could pave the way towards $22.
Momentum Signals
On-chain indicators suggest that the market is leaning towards accumulation. The Accumulation/Distribution line has been rising and currently sits at 365.71 million, indicating that traders are adding positions rather than selling into strength. The Aroon indicator also shows a clear upward trend with Aroon Up at 85.71% and Aroon Down at 0.00%, indicating that buyers are in control.
Key Levels in Focus
Technical analysts are tracking two nearby levels. The first is $16.80, which could serve as a trigger for buyers. If LINK holds above this area, it may signal that the market is preparing for a larger move. Additionally, Chainlink's recent partnership with the Blockchain Association aims to map blockchain policy across the U.S.
With positive signals and new initiatives underway, Chainlink stands a chance of breaking through the $17.5 level, which could lead to an impulsive move towards $22.
