Recent Recovery Signs Among Major Altcoins in the Cryptocurrency Market
Recently, the cryptocurrency market has shown that major altcoins are rebounding after a phase of correction. Bitcoin's market share has decreased by 1.72% over the past week, and amid the recovery of altcoins, Chainlink (LINK) is also recording a notable upward trend.
Chainlink (LINK) Bounces Back After Breaking Key Resistance
Chainlink has experienced a 31% correction over the last 60 days but has shown a strong rebound last week, continuing its recovery. According to chart analyst Jonathan Carter, LINK has broken out of a symmetrical triangle pattern that has developed over the past three years on the weekly chart.
This breakout occurred on November 22, 2024, with LINK surging past the upper resistance level of approximately $15 to reach $31. However, due to recent market volatility, LINK fell back to $15.40, re-testing the breakout level. Subsequently, LINK rebounded and is currently trading around the $19 mark. This rebound, occurring at the upper boundary of the symmetrical triangle, suggests the potential for a strong upward trend to continue.
What Are the Next Targets for LINK?
If LINK's upward momentum persists, it could target the following key resistance levels:
- $32.30: Previous strong resistance level
- $53.00: Psychological resistance zone
- $100.00: Long-term bullish target
If these levels are breached, LINK could see an increase of up to 430%, serving as a strong bullish continuation signal.
Future Outlook for LINK
A breakout from a symmetrical triangle is generally considered a bullish continuation pattern, and if this re-test is successfully completed, LINK could continue its strong upward movement. However, LINK's price movements are likely to be influenced by changes in Bitcoin's market share and the overall sentiment in the cryptocurrency market.
Currently, LINK's price stands at $18.95, reflecting a 1.61% decline from the previous day. Meanwhile, Bitcoin is trading at $97,189, showing a 0.36% drop.
The future movements of Chainlink are closely tied to the overall trends in the cryptocurrency market, making it essential for investors to closely monitor broader market dynamics.
- This text does not constitute investment advice or financial recommendations.Cryptocurrency investment involves significant risks, and the responsibility for investment decisions rests solely with the investor.
