After months of accumulating above $13, Link broke out today and registered almost 25% gains in the past week. It appears set for a new rally and is likely to post more gains in the coming day.

Link started to show signs of strength last week and later became strong after a series of increases all through the week. It continued to press on this week and broke out of a three-month accumulation phase earlier today. 

Moving ahead of many altcoins to signal a potential reversal in the market, the price is expected to hit $20 or more by the end of this week. It has retraced slightly to $18. 

This breakout, which indicates a bullish continuation pattern, has technically set the token for a new rally. The long accumulation phase has provided enough liquidity for the market, and for such reason, we can expect a massive explosion in the coming weeks. 

Following a slight rejection from the daily high, it looking a nearby support on the lower timeframe to foot more rallies. 

Falling back into this long phase could lead to a false breakout and a bullish trap. If that happens, the price could remain trapped in the accumulation phase until it finds another break. Right now, the bulls are in charge. 

Link’s Key Levels To Watch

Source: Tradingview

The broken resistance level of $16.6 is now acting as support. If the price drops and this support falls to produce a rebound, Link may roll back to the $15.7 level for support. Other supports inside the phase are $14.4 and $13.3. 

Above the daily high of $18.88, there’s a key resistance level at $20. If all these price levels flip, the resistance levels to watch on the up are $22 and $24.

Key Resistance Levels: $18.88, $20, $22

Key Support Levels: $16.6, $15.7, $14.4

Spot Price: $17.9
Trend: Bullish
Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: fellowneko/123RF // Image Effects by Colorcinch

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Filed under: Bitcoin - @ February 3, 2024 5:26 pm