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Will Chainlink Price Hit $30 After Breaking Key Resistance Levels?

  • Chainlink price surged 40% in 7 days, breaking $26 resistance, fueled by market optimism.
  • Technical indicators show bullish momentum; analysts target $30 as the next key resistance for LINK.
  • LINK gains significant traction, with support at $23 and potential breakout to $52 if $30 resistance is surpassed.

Chianlink price has shown a 40% rally within the last week. This is due to positive market sentiment and interest in the cryptocurrency market.

The price rise which took LINK above the $26 mark has placed the token among the best performing altcoins. Focus has now shifted to whether this bullish trend will push Chainlink to $30.

The current surge in Chainlink price has been in line with the general market trend. LINK price has crossed the $26 mark, a level, which it had failed to breach in the previous months.

This breakout has been as a result of increased buying pressure from traders and investors.

Source: X

Notably, the bullish sentiment is in sync with the market especially when Bitcoin reached its new all time high.

Decentralized oracle services make Chainlink increasingly popular among investors, which contributes to the overall demand for the asset.

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The token’s performance shows increasing trust in the crypto market. This is due to the possible implementation of favorable crypto regulations..

Technical Indicators Suggest Continued Upward Momentum

According to technical analysis, Chainlink price is in a bullish territory. The Awesome Oscillator (AO) is holding positive at 1.75 which means the current strength of the market is increasing.

Furthermore, the Chaikin Money Flow (CMF) is at 0.13 which is indicative that more capital is flowing into the coin and investor sentiment is quite positive for the LINK price.

Source: TradingView

More so, LINK price is set to face its next significant resistance at $30. 

Getting through this psychological level may result in a potential break to $52 as has been previously observed during the last quarter of 2021.

If the token continues with the same trend then there will be more price hikes in the near future.

Source: X

While the market is optimistic about LINK reaching $30, traders are focusing on certain levels. The $23 mark has appeared as the immediate support that will hold in case of any short term price corrections.

A stronger support level is seen at $20 which will most probably come into play in the event of market reversal.

Hence, these levels are important for maintaining the current bullish structure. At press time, Chainlink (LINK) price is trading at $26.31, up 2.81% over the last 24 hours.

Volume surged by 190.02%, reflecting strong market activity. LINK broke the $26 resistance earlier, with $23 acting as support.

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Kelvin Munene
Kelvin Munene
Kelvin is an experienced crypto journalist with over 6 years of experience backed by an Actuarial Science and English Degree. He has over 10,000 works published under his profile in several major media sites in the crypto, Web 3, and Finance sectors.