- Chainlink price is extremely close to breaking out of a supply zone ranging from $27.01 to $29.79.
- A decisive close above $30 will confirm the start of a 40% ascent to the 70.5% Fibonacci retracement level at $41.35.
- If LINK price fails to hold above $25.40, it will invalidate the bullish thesis.
Chainlink price saw a quick run-up on October 21, hinting at the incoming bull rally. A decisive close above a supply zone will confirm the start of a new run-up.
Chainlink price edges closer to breakout
Chainlink price saw a 17% ascent over the past three days. This ascent is building up steam to break out from a supply zone that extends from $27.01 to $29.79. This barrier prevented LINK from heading higher for roughly a month.
Therefore, a decisive close above $30 will clear this hurdle and indicate that the Chainlink price is ready to move higher. In such a case, LINK will first encounter the 50% Fibonacci retracement level at $33.19. If the buyers manage to push the oracle token past the trading range’s midpoint, it will be the secondary confirmation that an uptrend has begun.
In this case, the bulls will propel Chainlink price to $41.35 or the 70.5% Fibonacci retracement level. This ascent would represent a 40% advance from the current position.
LINK/USDT 1-day chart
On the other hand, if Chainlink price fails to maintain its foothold above the 50% Fibonacci retracement level at $33.19, it will indicate that investors are weary and are booking profits.
If Chainlink price slices through $25.40, it will invalidate the bullish thesis by creating a lower low. In this case, LINK will likely head to the immediate support level at $21.65.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.