Bulls Confirm a Breakout: Chainlink (LINK) Price Move Steadily Towards $50 From Now

Chainlink is considered one of the most undervalued tokens within the markets. While the platform offers multiple use cases, the LINK price remained largely unchanged. This indicates the bulls still remain distinct from the token and a rise to these levels could attract their attention. However, the Chainlink price is ranging slowly and steadily, suggesting the token is about to demonstrate an Ethereum-like run to mark a new ATH in the coming days. 

The recent update suggests Chianlink to be the next potential token for the spot ETF after Bitcoin, Ethereum, and other filed tokens. This could be a positive signal, as the institutions are displaying their confidence, which could trigger the rally. The LINK price has been displaying acute strength since the early trading hours after fighting with the bears and overcoming the selling pressure. 

With this, the token has been maintaining a consistent ascending trend and is flashing bullish signals in the long term, eyeing towards a potential breakout. 

The formed doji weekly candle suggests enough strife between the bulls and the bears since the start of the week. Meanwhile, the token has formed it’s resistance and support for the week at 0.786 FIB & 0.618 FIB at $19.07 and $16.01, respectively. Secondly, the RSI has broken out of a descending trend, indicating the bulls are revamping a consistent ascending trend hereafter. More importantly, Chainlink is gearing up for the very first weekly Golden Cross in history, which is expected to offer the required boost to the rally. 

Therefore, the Chainlink price is expected to accumulate for a while, followed by a significant rise in the buying volume. However, the volume has yet to reach the bull run levels, and once it has, the price could begin with a fresh upswing to levels above $50 initially.