Chainlink price is experiencing a surge in bullish momentum, supported by the formation of an ascending triangle pattern. This technical structure signals potential price gains as LINK breaks through key resistance levels. Market analysts remain optimistic, with projections suggesting further upward movement for the token in the coming weeks. This renewed confidence in LINK’s trajectory raises questions about whether it could replicate its 2021 rally and approach a new all-time high.
Can Chainlink Price Repeat 2021 Rally to Hit New All-Time High?
November has seen significant gains across the crypto market, with Chainlink price surging over 50% in line with broader bullish trends. Bitcoin (BTC) maintains momentum above $98,000, reinforcing optimism among investors.
As of today, the LINK price is at $16.94, reflecting an 11% increase in the last 24 hours. The current price positions LINK well below its all-time high of $52.88, recorded on May 10, 2021, representing a 67.97% decline from that peak.
Chainlink price prediction is encountering stiff resistance at $17.12, a critical level for signaling further upward movement. If LINK breaks through this barrier, the next target could be $30. Sustained bullish momentum may propel the price toward its all-time high of $52, driven by a strong market rally.
Chainlink Eyes Breakout from Multi-Year Resistance
Crypto analyst shared an X post emphasizing that Chainlink is showing signs of breaking through its long-standing multi-year resistance. According to the weekly chart shared, the cryptocurrency may be entering a bullish expansion phase, marked by a confirmed breakout in the Relative Strength Index (RSI). A recent momentum suggests that LINK is attempting to breach this significant barrier, signaling a potential trend reversal.
According to Coinglass, the LINK price has seen a notable surge, coinciding with increased activity in derivatives trading. Trading volume for Chainlink derivatives climbed significantly, reflecting heightened investor interest and market activity. Open interest also recorded an increase, signaling growing confidence among traders.
Chainlink’s bullish momentum and technical signals suggest the potential for significant price gains. If LINK breaks key resistance levels, it could mirror its 2021 rally. However, sustained market confidence and favorable conditions are essential for reaching a new all-time high.
Frequently Asked Questions (FAQs)
Chainlink’s all-time high was $52.88, reached on May 10, 2021.
An ascending triangle pattern is driving bullish momentum for Chainlink.
Chainlink is facing resistance at $17.12, with $30 as the next target.
Coingape Staff
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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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