The price of Chainlink (LINK) is attracting attention as technical models and market data suggest a potential price breakout. Recent analyses show that LINK is forming bullish structures across different timeframes. Analysts suggest that key resistance levels may soon be tested, with growth targets being set at higher ranges.

Formation of a bullish 'cup and handle' pattern on shorter timeframes
On shorter timeframes, Chainlink has formed one of the classic technical formations known as the 'cup and handle'. The 'cup and handle' pattern typically appears during periods of market consolidation and forecasts a sustainable upward trend.

Chainlink moved to its important resistance level between $15.30 and $15.50 and faced rejection, according to market analyst AMCryptoAlex. He predicted that a reevaluation of the range from $13.80 to $14.00 would occur before the next upward movement. The analyst noted that a price rebound above $14 would push the price to $18-$19, thereby confirming the expected movement size identified in the measurements of the 'cup and handle' pattern.


Market analysts are examining the support threshold of $14 to determine if Chainlink will maintain its current upward trend. The market may advance towards additional growth after a strong rise from $13.80, while a drop below this level would extend the optimistic outlook.

Elliott wave analysis suggests further growth potential
Additional technical support for price analysis comes from the assessment of Elliott waves. Market analyst cryptclay found evidence that Chainlink is currently in its fifth wave of a bullish impulse cycle, using fundamental principles of Elliott waves.

Chainlink has completed all four waves, starting with I, then II, then III, then IV, and analysis expects it to break through in wave V to the major supply region of $40, passing through the resistance zone of $28–$32, according to cryptclay. Historical resistance directs the price targets set at $31.85 and $45.50.

LINK faced a blockage at the key resistance barrier of $28–$32 when attempting to make a previous price jump. Most analysts forecast that the price could reach the $45 area after breaking the resistance level of $28–$32. LINK must experience increasing market volume after the resistance breakout before analysts confirm the Elliott wave pattern indicating bullish price action.

Leading Binance traders are increasing long positions on Chainlink
LINK's technical models show bullish signals that correspond to trader behavior patterns buying LINK. Leading traders on the Binance platform have directed consistent capital into long LINK positions over the past seven days, according to Binance data records.



The percentage of long trading positions on Binance held by leading traders reached 56.92% just four days ago. The current value of LINK surpasses the threshold of 64.85%. The LINK price is showing signs of growth as most traders transition to extended ownership, indicating expectations of an upward price trend.

Long positions on Binance have shown a consistent upward move according to the Long/Short Ratio indicator. Current data shows a green area representing long positions under control, alongside an upward black line. Among market analysts, there is a consensus that positive price momentum will occur as they continue to steadily accumulate LINK tokens.

Key levels to watch for the next move of Chainlink
Analysts have identified several key levels that could determine the next move of Chainlink. The support zone around $13.80–$14.00 remains crucial in the short term. A successful retest and rebound from this area could trigger renewed buying interest.

Initial significant resistance for Chainlink is between $15.30 and $15.50. A breakout of Chainlink above this range with significant trading volume would pave the way for reaching $18–$19, according to market analysts. Based on bullish Elliott wave analysis, Chainlink may aim for additional targets at $31.85, along with $45.50.

The long-term support zone for Chainlink between $5.50 and $8.50 has held firm during past market downturns. With this strong foundation and current bullish events, traders are closely monitoring for confirmation of a breakout.


Support the new hashtag section that has yet to be announced by Binance!!!


#cryptomarketnews

...

Many of the crypto world news, our subscribers learn about first!!! 😉