CandleFocus

Chainlink Price Sets Escape From 7-Month Accumulation with this Breakout

Author: Content Editor
During Wednesday's trading session, the crypto market experienced a slight decrease as Bitcoin prices struggled to stay above $95,000. Most major altcoins, including Chainlink (LINK), saw a decrease in supply. However, there are signs that Chainlink's price is ready for a significant breakout, supported by a key EMA crossover and strong support. Currently, LINK is trading at $17.8 with a 2.14% loss for the day. Its market cap is $11.2 billion, and the 24-hour trading volume is $1.5 billion. If selling pressure continues, the LINK price could drop by 7.8% before finding support from an ascending trendline. If a reversal occurs from this support, it could signal a renewed bullish trend and potential breakout from the resistance at $19. Additionally, analyzing the daily chart reveals that Chainlink is below a key resistance level forming an inverted head and shoulder pattern. If there is a breakout above this level, it could indicate an uptrend, and the price could potentially reach as high as $28.8, a 52% increase.

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