- The Chainlink breakout is showing a strong trend as it holds steady between $19.20 and $29.00.
- The $50 price target is backed by strong market support and technical analysis.
- Trading activity is growing rapidly, giving traders the opportunity to prepare for the next move higher.
LINK broke out of a long-term symmetrical triangle, signaling a bullish trend, and consolidated between $19.20 and $29.00. Rose Premier, a renowned analyst, highlighted this development and suggested that traders watch the price closely for opportunities. Trading volumes are also increasing, indicating growing interest in the asset.
Source: Rose Premier
Key levels confirm strong market dynamics
Rose Premier has identified critical support at $19.20 and $24.00, corresponding to Fibonacci retracement levels that support LINK’s ongoing uptrend. These levels consistently held during pullbacks, demonstrating buyer confidence and supporting LINK’s bullish trajectory.
Fibonacci extension levels suggest the price could reach $50 in the medium term. LINK’s ability to stay within its current range bolsters market confidence, and traders are viewing this consolidation as an opportunity to accumulate.
A break above the symmetrical triangle often indicates the start of major price movements. LINK’s technical indicators are in line with these expectations, pointing to further growth in the near future.
Market structure points to continued growth
Chainlink’s rising channel reflects strong market structure and hints at sustainable growth potential. The price consistently bounces from the lower boundary of the channel, demonstrating sustained buying pressure supporting the rally.
Trading volumes are growing, which indicates the active participation of market players. LINK’s consolidation between $19.20 and $29.00 allows traders to prepare for a possible price surge towards the projected target of $50.
This bullish structure suggests that LINK’s uptrend will continue, with price action supporting the possibility of further gains. Market sentiment also indicates that investors view LINK as a strong asset in the cryptocurrency market.
Will Chainlink Continue Its Bullish Trend?
Rose Premier advises traders to keep an eye on the $19.20 support for potential entry points that could take them towards the $50 target. The breakout ended LINK’s long consolidation phase, which often signals the start of a significant price move.
The cryptocurrency’s price movement in this range reflects investor optimism about its future. However, traders remain focused on LINK’s ability to hold the breakout and continue its bullish momentum.
