- The increase in Chainlink’s price above $15.50 has validated the breakout pattern, demonstrating the possibility of reaching the $17 resistance mark.
- The intersection of the 9-day and 21-day moving average indicators along with MACD crossover signals a positive trend with rising buying activity.
- Some experts identify $14.40 as the primary support level while $16.50 stands as the main resistance point during potential upward price movements.
Chainlink (LINK) shows renewed potential as technical analysis indicates a strong move above key levels. The asset displays promising momentum amid rising volume and improved moving average conditions.
Technical Breakout Signal
A tweet from Ali_charts supports the technical view. It noted that LINK move above $15.50 could send #Chainlink $LINK to $17, but expect potential resistance at that level. This insight adds context to the technical indicators observed on the chart. The tweet aligns with the breakout signal and provides a target reference for traders.
Recent chart analysis shows LINK in a consolidation phase between $12 and $15. The pattern suggests accumulation before a decisive breakout. A trendline has recently been surpassed, indicating renewed bullish pressure. Analysts observe that a move above $15.50 may trigger further gains.
Moving Averages and MACD Confirmation
The asset currently trades above both the 9-day and 21-day moving averages. These moving averages have crossed in the past, suggesting shifts in market momentum. Their alignment supports the potential for upward movement if the price holds above critical levels.
The MACD indicator reinforces the bullish trend. The MACD line has crossed above the signal line, with green histogram bars indicating rising buying pressure. This technical setup and the moving averages confirm that market conditions favor a potential uptrend. Traders now expect further movement if resistance is overcome.
Support, Resistance, and Price Outlook
Support levels are identified between $14.40 and $14.50, areas that previously served as resistance. Additionally, lower support is noted near $12. Resistance is projected between $16.50 and $17.00. If LINK maintains momentum above $15.50, these resistance levels become targets for upward movement.
The tweet from Ali echoes these technical levels and price targets. A successful move above $16.50 could push LINK toward the $17 mark. Link’s market value reached $15.51 during the writing and displayed a 2.22% surge in 24 hours while the weekly performance resulted in a 13.75% increase. Technical analysis and the tweet’s insight work together to promote a focus on essential price levels for potential financial growth.
