LINK Price Jumps 16% Within Channel, Eyes Breakout Run To $20

The post LINK Price Jumps 16% Within Channel, Eyes Breakout Run To $20 appeared first on Coinpedia Fintech News

With Bitcoin and the bluechip altcoins taking a short pause this Tuesday, the LINK price trend shows no sign of weakness in the bull run. Continuing the bullish streak for the sixth day now, Chainlink’s market value has peaked by 16% in this run. 

With a sideways movement in the medium-term trend, Chainlink maintains a channel pattern in the daily chart. However, as the company makes new waves in the Web3 space with collaboration with the likes of Protocol labs, and with the Coinbase’s Base using the Chainlink’s automation. Such events grab the attention of whales which recently led to one buying more than $8 Million worth of LINK tokens. 

With such interesting developments in the Chainlink space, will the LINK token reach a valuation of $100?

To find out more, explore our LINK price prediction that suggests a rally beyond $20 in 2024. 

Chainlink Ready For Take-Off, Awaits Channel Breakout 

During the days of consolidation in late 2023 and for most of January 2024, with a trapped momentum, the LINK price trend formed a channel pattern. Fluctuating close to the 50-day EMA, the ongoing drama in the crypto market around Bitcoin Spot ETF news keeps the channel intact. 

Source – Tradingview

At present, the ongoing recovery in the LINK price finds a significant rise in trading volume supporting the run. Further, the recovery in the general market trend supports the breakout possibility.  

Currently, the LINK price trades at $15.916 with an intraday fall of 2.85%, forming a long bullish candle. With the formation of such a strong green candle near the overhead resistance, the breakout chances are astronomical for Chainlink.

Technical indicators:

MACD indicator: The MACD and signal lines give a bullish crossover with a reversal below the zero line. Hence, with the momentum indicator signaling a trend reversal, the sideline traders await the channel breakout. 

Will LINK Price Reach $20?

As the LINK price outlives the bearish phase under the channel pattern, the altcoin is on its way to carving a breakout rally. In case the buyers fracture the trendline, the uptrend can take the first stop at $20 before testing $25.

In case the sellers result in a reversal from the trendline, Chainlink may soon drop to the $14.5 mark.