Chainlink Shows Steady Buying, Eyes $30-$31 Resistance
Chainlink has shown steady buying activity over the past 24 hours, with a minor pullback near session highs. The cryptocurrency is currently trading around $22.40, marking a 0.98% gain. Analysts have identified a crucial resistance level around $24.75, which could act as a potential sell wall.
The 12-hour chart displays a bullish structure, with a falling wedge suggesting a trend reversal. An upward breakout from this wedge could trigger a strong rally, potentially targeting a 38% rise to the $30-$31 range. For this to happen, a sustained close above $23 could confirm the breakout pattern and signal a continuation of the uptrend. Analysts expect a potential breakout above $23, with the same target of $30-$31 if momentum sustains. A successful retest and close above $23.00 could set the stage for a push toward $24.50 before encountering the resistance at $24.75. Prolonged consolidation with signs of accumulation around lower levels indicates decreasing volatility and growing bullish strength.
In summary, Chainlink's recent performance suggests a potential uptrend, with analysts targeting the $30-$31 range. However, a crucial resistance level at $24.75 could act as a barrier. A sustained close above $23 could confirm the trend and signal further gains, while a retest and close above $23.00 could pave the way for a push toward $24.50.
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