Chainlink saw an increase of over 4%, currently trading at $11.82. An analyst has set a target price for LINK at $20.
Meanwhile, Bitcoin (BTC) has been oscillating between $65K and $69K over the past few days, with several tokens experiencing fluctuations in their momentum. Despite these shifts, Chainlink has managed to maintain its position above the $11 threshold.
Recently, LINK surged past a key resistance level at $11.70, marking a 4.82% rise within the last 24 hours. Earlier in the day, it reached a low of $11.23 before climbing to a high of $12.07. As of now, Chainlink is trading at $11.82, with a daily trading volume of $248 million, based on data from CoinMarketCap.
Over the past week, LINK has shown moderate upward momentum, recording a 3.30% increase. The asset began the week at $11.44 and eventually rose to $12.27.
According to an analyst’s chart, Chainlink has broken out of a descending wedge pattern, indicating a possible upward trend with a projected target around $20.
Potential for Further Gains:
Analyzing LINK’s four-hour chart on TradingView, the Moving Average Convergence Divergence (MACD) is positioned above the signal line, hinting at continued bullish sentiment and buying interest.
The daily relative strength index (RSI) stands at 56.68, reflecting a neutral stance. Additionally, the short-term 9-day and long-term 21-day moving averages are below the current price, supporting the current upward momentum.
Looking ahead, a positive breakout at $11.96 could allow LINK to challenge its key resistance at $12.16. Conversely, failure to breach this level might lead to a period of consolidation, potentially pushing the price down to $11.36.
*Disclaimer: The views expressed in this analysis are solely those of the author and should not be considered as investment advice. TheNewsCrypto team advises readers to conduct their own research before making investment decisions.*
