One other altcoin that’s performing properly throughout this altseason is Chainlink. The LINK worth has surged over 20% this week, at the moment buying and selling across the $17 mark.
Crypto analyst Kevin Svenson, who has a following of over 157,000 on X, updated his LINK price analysis in a viral tweet final evening.
Crucial a part of his evaluation is a multi-year resistance stage, represented by a downward-sloping trendline that has persistently capped worth actions since LINK’s all-time excessive in 2021. Presently, the LINK worth is testing this significant resistance stage, with latest worth motion exhibiting growing momentum.
The weekly chart reveals a robust bullish construction, with LINK forming a sequence of upper lows since mid-2023. This sample marks a important shift from the earlier downtrend that dominated from 2021 by means of mid-2023. The value has discovered secure assist within the $12-14 vary, which might function a cushion throughout any potential pullbacks.
A very fascinating improvement is the RSI indicator, which has damaged out of its personal downtrend line. Presently at 59.24, the RSI suggests rising bullish momentum with out getting into overbought territory. This technical setup might assist additional upward motion, with potential targets together with the psychological $20 stage and the earlier support-turned-resistance at $24.
The value construction exhibits robust basing patterns between $5-6 throughout 2022-2023, establishing a stable basis for the present transfer. Nonetheless, merchants ought to observe that sustaining positions above the present resistance stage will doubtless require important quantity affirmation.
Learn additionally: Why Is Stellar (XLM) Price Up?
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