Following a significant breakout, Chainlink (LINK) price enters a consolidation phase with a predicted substantial surge.
Post-Breakout Consolidation
Chainlink has re-emerged from a descending wedge and is in a consolidation phase between $22.50 and $24.50. This sideways trend is indicative of accumulation, as buyers are preparing for a breakout. The current structure suggests market participant support, implying upward price pressure. Analyst VipRoseTr mentions this phase typically precedes strong upward market moves.
Chainlink Price Levels and Market Expectations
Analyst VipRoseTr highlighted three key price levels: $33.02, $36.31, and $40.11. These levels constitute significant resistance, aligning with past price levels and Fibonacci extensions. Achieving these targets would support the thesis of Chainlink being a strong performer. Breaking through the $24.50 level is critical to initiating an upward move.
Levels of Support and Resistance
Chainlink prices are trading within a range between $22.50 and the recently broken resistance at $25.00. A breakdown below this level could lead to further retreat, while breaking above $24.50 will strengthen the position to hit targets of $33.02, $36.31, and $40.11. These levels play a crucial role in potential price sentiment shifts.
Chainlink is on the threshold of significant growth, but breaking through the $24.50 level will be pivotal in determining the future direction.
