Chainlink Bounces from Key Support: Is $30 Target Possible?
The post Chainlink Bounces from Key Support: Is $30 Target Possible? appeared on BitcoinEthereumNews.com.
The Chainlink (LINK) chart reveals a compelling narrative of resilience and breakout potential. LINK recently bounced off crucial support at $9.00, a level that had previously acted as both support and resistance, indicating its significance. This support rebound followed a sustained testing period, showing strong buyer interest at these lower levels. From there, LINK surged to break through a key horizontal resistance at $15.00. This area had consistently capped price advances, making its breach significant for future momentum. With this upward movement, LINK now approaches a descending trendline, part of a bullish flag pattern. Analyst World of Charts noted that a successful clearance of the trendline, coupled with maintaining support above $15.00, positions LINK for a potential rally toward the $30.00 target. $Link #Link After Testing Deeply Link Finally Bouncing From Crucial Support & Breaking Key Horizontal Area At The Same Time Expecting Move Towards Bullish Flag (Descending Trendline) In Coming Days Once Flag Got Cleared Chainlink Can Easy Hit 30$+ In Coming Weeks https://t.co/Lzyk45F6Tw pic.twitter.com/qyNj3flla9 — World Of Charts (@WorldOfCharts1) November 8, 2024 – Advertisement – This scenario depends on continued buying pressure and market confidence. If LINK can hold these gains and push past intermediate resistance at $21.00 and $25.00, we could see it easily reach and possibly exceed $30.00 in the upcoming weeks, completing its recovery and bullish reversal narrative. On-balance Volume, RSI and MACD Signal LINK revealed key indicators pointing toward potential gains. The On-Balance Volume (OBV) indicator rose, signaling strong buying pressure as trading volumes increased alongside the price, suggesting accumulation by investors. Similarly, the MACD showed bullish momentum as the MACD line crossed above the signal line, indicating a possible upward price movement. The RSI dipped near the oversold territory below 30 but rebounded, hinting at a potential end to the selling pressure and…
Filed under: News - @ November 10, 2024 10:20 am