The much-anticipated inauguration of Donald Trump today has seen the cryptocurrency market showing mixed performance. Chainlink (LINK) has stood out ahead of this ceremony, boasting impressive gains of over 13%.
Market Dynamics Amid Inauguration
The market's attention today turned to the inauguration of Donald Trump, during which several altcoins exhibited mixed trends. Notably, Chainlink drew attention by displaying significant growth amid news of being on the buying list of World Liberty.
Chainlink Technical Analysis
LINK is demonstrating a strong bullish tendency, forming a 'bull flag' pattern. This formation started with a sharp price increase from $10.51 in November to a peak at $30.83, followed by consolidation with characteristic downward sloping parallel lines of the flag. LINK today rebounded off its support at the 50-day moving average around $23.47 and is trading at $25.96. Overcoming the resistance level of $27 may foresee further gains up to previous highs.
Prospects and Key Levels
Positioned near the upper boundary of the 'bull flag', LINK's status is crucial for further developments. Breaking above the resistance line could unlock new growth horizons. Close monitoring is required to confirm any upward movement. If LINK fails to breakout, further consolidation within the flag remains possible with support at $22-$23.
Chainlink (LINK) shows strong breakout potential as it nears the resistance of a 'bull flag' pattern. Upon successfully breaking resistance, LINK could rally to $30.83 and beyond. Close attention to developments is warranted.
