- Chainlink bullish ascending triangle as price tests the resistance at 28, indicating a possible breakout.
- MACD indicates that there is a lot of positive momentum behind Chainlink, and it could rise even higher over $28.
- RSI at 62.43 indicates that the chainlink price can further go up before entering overbought levels.
Chainlink price has reached an essential resistance point of around 28, and questions remain about whether it can overcome it and continue moving up. As the cryptocurrency approaches this critical point, the interest of the cryptocurrency market is on whether Chainlink will sustain its upward trend or experience a correction. The technical indicators and chart patterns indicate the possibility of even higher gains, but they do not have confirmation yet.
Chainlink Price Approaches Key Resistance Zone
Chainlink price has formed a bullish ascending triangle, with the lower highs forming a downward resistance line. Analyst CryptooELITES suggests that the price is approaching the important resistance level of approximately $28 in price range, and the price value may find considerable resistance at this level. The price breaking above $28 may be a signal of another move up and more.
Source: IncomeSharks/X
In the event that the Chainlink price climbs past $28 and holds it, the following resistance areas would be observed around the area of $30 and the final one at the level of $35-40. A well-defined breakout, followed by a retest of the breakdown level, will add volumes to the bull rally, and the next nearest level to look forward to will be the $40 level.
Chainlink Price Momentum Indicators Point to Continued Bullish Trend
Chainlink price has higher upside potential because of prescribed momentum signals. The MACD line has crossed over the signal line to 2.053, showing that the asset has a bullish trend. The MACD histogram, at 0.774 reflects that the buying pressure is not bountiful yet but as the expanding MACD histogram shows, Chainlink price may keep increasing as the process gains momentum.
Source: Tradingview
In the meantime, the RSI stands at 62.43, which is below the overbought level of 70, so the Chainlink price is not overbought yet. This leaves space to allow the price to rise without immediate depletion. Chainlink price has been supported stronger by its bullish trend as both MACD and RSI indicators suggest a potential rise towards the $30 level or even higher with a break of the resistance in the levels of the $28 range.
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