- LINK surges 13%, reclaiming $23 resistance amid bullish momentum.
- Technical indicators suggest a potential rally, targeting the $40 resistance level.
Chainlink’s native token, LINK, has experienced a notable surge, reaching a 10-day high of $24.21. This upward movement represents an approximate 13% increase over the past 24 hours and a 43% boost in trading volume. Despite this recent uptick, LINK remains down 12% over the past month.
Technical analysis suggests a bullish trajectory for LINK, with the price reclaiming the $23 resistance level. The formation of a falling wedge pattern indicates a potential breakout and the consistent trend of higher lows supports a continuation of this upward movement. Key resistance levels are identified around $38.50 and $40, critical milestones for the cryptocurrency.
Moreover, the recent introduction of Chainlink’s Cross-Chain Interoperability Protocol (CCIP) v1.5 upgrade is a significant development. This upgrade enhances cross-chain token deployment by introducing the Cross-Chain Token (CCT) standard, providing developers with full control and ownership over their tokens. The CCIP Token Manager has also been improved, offering an upgraded interface for managing and launching these tokens. These advancements are expected to bolster bullish sentiment surrounding LINK.
What Is Ahead For LINK?
Market indicators such as the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) further confirm the bullish sentiment. The MACD line is above the signal line, with histogram bars increasing in size, indicating rising buying pressure. The RSI is at 72, entering the overbought zone, signaling strong demand but also warranting caution for potential pullbacks.
Looking ahead, the next resistance lies at $24.35. A breakout above this level could pave the way for a rally toward $30. However, failure to sustain the momentum might see the Chainlink price retrace to the $20 support zone. Analyst observations highlight a bullish trajectory for LINK as it targets the $40 mark, with the falling wedge pattern suggesting an impending breakout. If LINK maintains its current momentum, breaching these resistance levels could solidify its position in the broader market uptrend.
