LINK bulls are up and actively preparing for a near-term bullish rally despite the market sentiments for altcoins being mixed. 
While On-chain metrics reveal a rough path ahead for LINK, the altcoin has broken above the $15 price mark. 

As the year comes to a close, a handful of altcoins are correcting upwards, and LINK is one of the most promising at this time. As depicted in the technical charts, Chainlink (LINK) is gearing up for a potential bullish run.

Altcoins have recorded another major burst as the market heads towards Christmas Eve weekend. While some tokens are already trading upwards, others are preparing for a potential bull run. LINK is one such asset, which, at this time, is gearing up for a 20% price upswing.

Per the asset’s recent performance, LINK has successfully tapped the 50-day Exponential Moving Average. This technical pattern is often seen as the first line of support in an uptrend or the first line of resistance in a downtrend.

With LINK hitting the 50-day EMA, the asset could imitate previously bullish patterns recorded during periods like this. In previous times, the 50-day EMA has positioned itself as support of resistance for cryptocurrencies. This might be the case for LINK in the near term, should the market follow the same path.

In the near term, if LINK bulls sustain momentum at this position and kick off a mild rally, it could extend into a long-term uptrend. Recall that LINK and a handful of other altcoins have been imitating Bitcoin’s movement. As the market corrects upwards, altcoin bulls are gaining stability and mirroring this pattern.

On-chain Metrics Show LINK is Positioned for an Upward rally

Meanwhile, on-chain metrics are showing that there might be some hurdles in the asset’s way. A popular market analyst Ali Chart, made some notable observations on X, formerly Twitter. He explained that LINK was likely to encounter pushback before climbing up to $15.

However, if the asset succeeds in moving past the hindrances, the asset could continue to trade in the green zone and head for higher highs, he added. The analyst explained;

Waiting for a $20 Chainlink? First, there’s a major barrier to overcome at $15. Here, 19,000 addresses are holding around 73.6 million LINK. Breaking past this resistance is key. Once cleared, LINK could be well-positioned to continue its upward trajectory.

Waiting for a $20 #Chainlink? First, there’s a major barrier to overcome at $15. Here, 19,000 addresses are holding around 73.6 million $LINK.

Breaking past this resistance is key. Once cleared, #LINK could be well-positioned to continue its upward trajectory. pic.twitter.com/AU4ueANN0I

— Ali (@ali_charts) December 19, 2023

At report time, our data shows that LINK has surpassed the first barrier and is trading slightly above $15. The altcoin is trading in the green zone, with hourly and 7-day gains going up to as high as 2.13% and 8.31% respectively.

Selling pressure has dropped significantly for LINK this month as buyers have maintained their position with the upper hand. Although trading volume is down by more than 28.06%, LINK is trading at a press time price of $15.84.

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Filed under: Bitcoin - @ December 24, 2023 9:08 pm