The post Tracking Chainlink breakout: Will LINK hit $23 after smashing $15 resistance? appeared on BitcoinEthereumNews.com.

Chainlink broke out of a descending channel, retested $15 resistance, and targets $23 next. On-chain metrics and liquidation data support sustained bullish momentum for $LINK’s rally. Chainlink [LINK] has decisively broken out of its long-term descending channel, signaling a dramatic shift in momentum. This breakout comes after months of consolidation and bearish pressure, suggesting a potential trend reversal. At press time, LINK was trading at $14.97, up 2.77% in the last 24 hours, with a market cap of $9.39 billion.  Trading volume has surged by 86.04% to $981.98 million, reflecting increasing market participation. With the price retesting the $15 resistance, $LINK seems poised for a rally toward the $23 target. LINK retesting key levels with strong bullish momentum The retest of the $15 resistance level, a crucial price zone, adds further weight to $LINK’s bullish breakout. This level, now acting as a springboard, could propel the token to a 53% upside, targeting the $23 resistance.  Historically, breakouts of this nature have led to extended rallies, and the $15 retest is considered a strong confirmation signal. Consequently, traders are closely watching whether $LINK can consolidate above this level in the coming sessions. Source: TradingView Momentum indicators provide additional bullish signals. The MACD shows a growing divergence between the MACD and signal lines, coupled with a rising histogram of green bars. This suggests that buying pressure is steadily increasing.  Moreover, a Fibonacci retracement from the previous lows to the recent breakout places the $23 level at a critical resistance zone, confirming its importance in the broader price trajectory. Source: TradingView LINK on-chain activity reinforces positive outlook On-chain metrics further support the bullish narrative. The number of active addresses has increased by 1.24% over the last 24 hours, reflecting growing engagement with the Chainlink network. Additionally, transaction counts have risen by 1.76% to…

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Filed under: News - @ November 20, 2024 12:26 am