Chainlink Bulls Ride Recovery Wave, Eyes Set on $38 Target

Chainlink has exhibited significant volatility during recent cryptocurrency market downturns.
Chainlink’s current rally is attributed to movement within a channel pattern, indicating potential for further upward movement.
Technical indicators such as the 100-day EMA and MACD signal bullish momentum and support potential price increases for Chainlink.

Amidst cryptocurrency market fluctuations, Chainlink (LINK) demonstrates resilience and potential for growth as it adheres to a channel pattern, signaling bullish momentum and offering trading opportunities for investors.

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As the market undergoes a resurgence, Chainlink’s value found solid footing, rebounding impressively from the $16.25 mark, offering a fresh avenue for traders to capitalize on. The surge in Chainlink’s price throughout 2024 can be attributed to its adherence to a channel pattern, delineated by twin trendlines.

Beginning from a yearly low of $12.2, this pattern propelled a robust 63% upswing over three months, culminating in the current price of $19.98. Notably, a recent bounce from the lower boundary on March 20th spurred a remarkable 22.8% surge within a mere week.

The sustained bullish momentum within this channel suggests a potential 16% ascent towards an upper trendline target of around $23.2. As long as this pattern remains intact, the trajectory of Chainlink’s recovery appears poised for extension.

Further examination of the weekly timeframe chart reveals a strong rebound path for Chainlink, complemented by the emergence of a rounding bottom pattern. Fueled by this pattern, Chainlink may initiate a powerful surge toward the $38 milestone, indicating a notable surge in investor optimism.

Furthermore, key technical indicators offer additional insights into Chainlink’s upward trajectory. The 100-day EMA slope serves as a reliable support for buyers during market downturns, while a bullish crossover between the MACD and signal line underscores a gradual resurgence in buying momentum.

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Bhea Lacsamana

Bhea is a fintech journalist specializing in crypto, with a unique blend of roles as a content creator, anthropologist, and qualitative researcher. Her articles dive into both financial technology and cultural traditions, reflecting her diverse interests. Catch her immersed in a book where her love for learning thrives.