The Chainlink (LINK) price is showing strong bullish momentum, aiming for a $10 breakout. The golden crossover and bullish indicators suggest an uptrend.
Key Takeaways
- LINK price surges 8% in the last two days, showing a rounding reversal from the 50-day EMA.
- Bullish momentum suggests a potential breakout towards $10.
- Chainlink’s price action hints at exiting a months-long falling channel in the weekly chart.
- LINK’s performance aligns with the overall bullish trend in the altcoin market as Bitcoin approaches $30,000.
Will LINK Prices Crash Within The Channel?
Chainlink (LINK) has been making significant moves in recent days, with an 8% surge over the past two days. This surge is indicative of a rounding reversal from the 50-day Exponential Moving Average (EMA), suggesting a potential bullish trend shift.
The current bullish momentum has LINK poised for a possible breakout, aiming to reach the $10 price level. This bullish sentiment aligns with the broader altcoin market, which has been experiencing substantial gains as Bitcoin inches closer to the $30,000 mark.
In the daily chart, Chainlink’s price action appears to be forming a cup and handle pattern, further emphasizing the bullish outlook. Two consecutive bullish candles have already resulted in an 8% jump in LINK’s price, bringing it closer to the overhead declining trendline. Additionally, the golden crossover of the 50-day and 200-day EMAs adds to the optimism surrounding a potential breakout.
LINK Price Analysis: Will LINK Finally Hit A Home Run To $10?https://t.co/t5RzMgpFwp
— John Morgan (@johnmorganFL) October 21, 2023
Turning to the weekly chart, a bullish engulfing candle suggests a breakout rally may be on the horizon. Supported by the 50-week EMA, this bullish comeback aims to challenge the overhead trendline, potentially initiating a high-speed reversal.
To Conclude
The current LINK price analysis paints a positive picture for Chainlink investors and enthusiasts. With strong bullish momentum, a potential trend reversal rally, and support from technical indicators like the golden crossover and the daily RSI, LINK seems poised for further gains.
While a breach of the trendline could propel LINK to the coveted $10 mark, it’s essential to consider potential support levels at $8 and $7 in case of a rejection rally. As the overall market continues its recovery, the odds of LINK maintaining its upward trajectory appear promising.
Investors should keep a close eye on Chainlink’s price action, as it may provide exciting opportunities in the near future, especially if it manages to break through the $10 resistance level.
