Chainlink Exhibits Cup and Handle Pattern, Fueling Anticipation for Price Leaps Beyond $30 Mark
In the world of cryptocurrency, Chainlink (LINK) is maintaining its position near $23.30, with a close below this level potentially inviting deeper pullbacks. The hourly momentum indicators, such as the Relative Strength Index (RSI), fluctuate between 41 and 58, suggesting a neutral to mildly bearish trend.
Analyst Bubbafox identifies the $25 zone as a critical level for Chainlink to surpass for a potential path toward the $30 mark or higher. This optimistic outlook is supported by the fact that Chainlink's 200-day moving average and a rising mid-term trendline continue to hold, reinforcing bullish momentum above the $21-$22 support zone.
If buying momentum persists, the path toward $25 and beyond remains a key focus for market participants. Maintaining the $21-$22 support range is essential for the continuation of the cup-and-handle setup in Chainlink, a pattern that Bubbafox has identified.
The price breakout above $24.0 was accompanied by increased trading volume, increasing the likelihood of continued attempts to surpass upper resistance levels. Sustained volume remains key for validating the breakout and driving further upside in Chainlink.
Currently, Chainlink is trading near $24.03, up 2.35% in 24 hours. Its daily trading volume stands at $1.23 billion, and its market capitalization is at $16.28 billion. The circulating supply of Chainlink tokens is approximately 678 million.
Intraday charts show buyers defending the $23.0-$23.5 support, while a decisive close above $23.95-$24.89 could extend gains. The intraday lows near $23.0 provide immediate support and will be closely monitored for potential retests.
Shardi B identifies $23.95 as a key short-term resistance for Chainlink, with multiple rejections observed at this level. The cup-and-handle formation, according to Bubbafox, may be close to completion.
However, any decline below the $21-$22 range could delay the anticipated move in Chainlink, while a successful break above resistance might attract fresh interest from traders targeting a breakout beyond $30. $24.50 acts as the next psychological barrier for Chainlink.
It's important to note that no information was found in the provided search results about which company identified the Cup-and-Handle formation explained by Bubbafox for Chainlink. As always, it's crucial to do your own research before making investment decisions.
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