The post LINK Approaches $18 Resistance with Strong Momentum and Increasing Adoption appeared on BitcoinEthereumNews.com.

Chainlink’s LINK token is on the brink of breaking a critical resistance level of $18, signaling potential for significant price growth driven by strong adoption and technical momentum. Recent trading activity indicates that LINK has escaped a long-term downtrend, bolstered by increased on-chain transactions and a reduction in selling pressure, positioning it for a potential rally towards $35. According to COINOTAG, “LINK’s ascent in cumulative transaction value, reportedly hitting $17.3 trillion, underscores its growing relevance in the blockchain ecosystem and investor interest.” Chainlink’s LINK prepares for a potential breakout as it nears $18 resistance, backed by rising adoption and technical indicators signaling bullish momentum. LINK breaking $18: The first hurdle toward $35 LINK’s recent price action indicated that the token was in a strong bullish phase. After successfully breaking through the $15.44 resistance, LINK now faces its next major challenge at $18. Notably, the price has exited a prolonged downward channel, signaling a shift in sentiment. Breaking through $18 would set the stage for LINK to aim for $35, its next significant target. This level represented a potential 101.6% increase from press time prices, underscoring the importance of maintaining this momentum. Source: TradingView Technical Indicators Suggest Continued Strength LINK’s technical indicators provided a solid foundation for the ongoing rally. The 9-day and 21-day moving averages recently completed a bullish crossover, confirming upward momentum. Additionally, the MACD indicator remained firmly positive, with the MACD line above the signal line and the histogram expanding steadily. These signals reinforced the likelihood of LINK breaking $18 in the near term and continuing its upward trajectory. Source: TradingView On-chain Activity Accelerates Adoption The increase in daily active addresses for Chainlink was encouraging as well. On the 23rd of November, active addresses surged to 7,417, highlighting growing user engagement and interest in Chainlink’s ecosystem. This surge…

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Filed under: News - @ November 25, 2024 1:04 am