Article Details

Chainlink Price Holds Steady as LINK Eyes Potential Bullish Breakout

• Chainlink continues moving sideways, with charts suggesting this consolidation phase could be the setup for a possible breakout.
• The ongoing range mirrors classic wave action, which often leads to either a sharp upward or downward price movement.
• Technical patterns show a falling wedge forming, a structure that typically points toward a potential strong bullish surge.

Chainlink (LINK) has shown sideways movement in the last few weeks, and the market was left guessing what it would do next. Analysts suggest this quiet time may be the prelude to a huge-scale price movement. Market analysts closely follow formations that may culminate in a prospective bullish breakout.

At the time of writing, Chainlink (LINK) is trading at $23.13, with a 24-hour trading volume of $851.43 million and a market capitalization of $15.73 billion. Over the past day, LINK has seen a slight decrease of 0.21%.

Chainlink Shows Fourth-Wave Action

As prominent crypto analyst Man of Bitcoin pointed out, LINK was ranging for nearly a month. He explained that if the market is slow or uneventful, then most of the time it’s a normal fourth-wave action. It can go either direction, so there is a chance the price of LINK will speed up or maintain the same course.

Chainlink Falling Wedge Signals Breakout Soon

Adding to this perspective, well-known analyst CRYPTOWZRD noted that LINK neutrally concluded the day, and LINK/BTC is forming a distinguishable falling wedge. Breaking through this structure might trigger a rapid increase and might push LINK into a rising trend. CRYPTOWZRD pointed out shorter time frames for finding the next good trade opportunity.

All things considered, while Chainlink was relatively quiet recently, technical signals suggest there may be a significant price reversal in the cards, and investors continue to watch for future news in the market.

Also Read | Chainlink Bullish Setup: LINK Trading Above Key EMAs, $30 in Sight

Chainlink Shows Signs of Steady Momentum

Relative Strength Index (RSI) stands at 59.10, healthy above the 50 neutral level. It shows moderate buying pressure and not overbought levels. MA Ribbon provides support, and key levels here are 18.27, 17.57, 16.20, and 12.83, keeping the trend firmly on an upward course.

Looking at the MACD, the blue line is at 2.21, the signal line at 1.44, and keeping the histogram in the bulls’ positive zone at 0.76. It shows bulls’ momentum persists, although there was a bit of weakness in strength. These signs individually and collectively indicate Chainlink holding steady above supporting levels and preparing for its next move.

Also Read | Dogecoin Charts Signal Possible 20X Rally as Price Eyes Key Breakout

Also read: Aptos (APT) Breakout Alert: Analyst Eyes Explosive Surge to $14.24!