The recent rise in the bullish momentum has elevated the markets above the bearish captivity to some extent. The Bitcoin price surged close to $94,000 but despite the drop below $93,000, the bulls are trying hard to keep the rally above the range. This stability within the top crypto has kept up the optimism among the market participants. As a result, the altcoins like Chainlink (LINK) demonstrate a huge potential of a 45% rise.
The LINK price surged over 14% this week, hitting close to $15, displaying a notable rally this week. This positive momentum brought the token close to its recent 30-day high of $15.99. One of the main reasons for being bullish on Chainlink is the rising investor confidence, as over $120 million worth of LINK was withdrawn from the CEX. Despite the bullish sentiment, some technical signals and analyst forecasts point to volatility ahead, with a potential for a short-term dip if selling pressure escalates.
The technicals have collectively been flashing a continuation of a bullish trend, with the Supertrend turning bullish, flashing a buy signal. On the other hand, the CMF struck levels above 0.16, hinting towards the growing strength within the markets. Additionally, the MACD showed a bullish crossover, with the levels entering the bullish range for the first time since February. Therefore, the LINK price appears to be poised to reclaim $15 anytime from now, which may transform into a strong base and secure levels at $15.5. This could validate a fresh bullish trend, elevating the levels back above $20.
Chainlink’s robust week can be attributed to network growth, major institutional partnerships such as with Fidelity, SWIFT, and Aave, and increasing adoption of its real-world asset tokenization solutions. However, price movement is still closely tied to the broader crypto market and Bitcoin’s performance. Overall, the LINK price is enjoying bullish momentum but faces technical headwinds that could result in near-term volatility.
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