Why a Chainlink Breakout is Imminent | Credit: Hameem Sarwar
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Key Takeaways
Chainlink (LINK) attempts to break out from the $19.50 resistance area.
The LINK price could be in an extremely bullish 1-2/1-2 wave formation.
Can LINK sustain its momentum and break out above its cycle high?
The Chainlink (LINK) price surged today and is attempting to break out above $19.50.
If the breakout is successful, it could lead to this cycle’s most parabolic rally.
Let’s examine the charts and see what lies ahead for the rest of the year.
Chainlink Price Analysis
Chainlink’s technical analysis shows that the price has traded inside a long-term ascending parallel channel since March 2024.
Inside this channel, LINK has completed a running flat A-B-C corrective structure, which ended on April 7.
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Momentum indicators favor the breakout. The Relative Strength Index (RSI) is above 50, and the Moving Average Convergence/Divergence (MACD) is positive.
So, Chainlink’s long-term technical analysis is bullish, suggesting that a breakout is imminent.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
