Analyst Crypto Winkle has noted bullish indicators on Chainlink’s (LINK) chart. The crypto asset’s technical chart displays patterns that suggest a potential price surge.
Moreover, this is further supported by increasing volume and fundamental developments. Besides, Chainlink’s role in Real World Assets (RWAs) has also positioned it as a key player, gaining traction in the sector.
Per an analysis of Crypto Winkle’s chart, a double bottom pattern has formed around the $8 level, marked as “BOTTOM-1” and “BOTTOM-2.” This pattern often signifies a reversal from a bearish trend, indicating strong support at these levels.
The presence of a falling wedge, a known bullish reversal pattern, has been identified and broken to the upside. This breakout suggests that selling pressure is waning, and buyers are regaining control, paving the way for potential upward movement.
Post-breakout, LINK’s price is consolidating just around $12, reflecting typical behavior before a further price increase. The consolidation above previous resistance levels strengthens the possibility of a continued rally toward higher resistance zones, potentially aiming for the $22-$24 range if current trends persist.
Volume Surge and Buyer Momentum
According to Crypto Winkle, there has been a 92% surge in trading volume, which aligns with the recent breakout. Higher trading volumes during such breakouts indicate strong buying interest, suggesting that this movement is not a mere short-term pump but could lead to sustained growth.
Continued volume support will be crucial for validating the ongoing bullish trend. The tweet from Crypto Winkle emphasizes the robustness of this volume surge, asserting that the recent price action indicates broader interest in Chainlink.
If the volume sustains, it could be a strong indicator of further upward movement.
Celebrate Dogecoin and Make Big Gains with Doge2014!
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Read also: Legal Titans Clash Over Ripple’s Campaign Moves as XRP Price Struggles
Why Chainlink is Set For Growth
Chainlink is also set for growth due to its involvement in the RWAs sector, which is projected to reach $10 trillion by 2030. Crypto Winkle highlights the participation of major companies like Visa and BlackRock in the space, signaling robust endorsement of RWAs.
Chainlink’s Cross-Chain Interoperability Protocol (CCIP) is central to connecting RWAs with decentralized systems, enhancing its appeal across multiple blockchain platforms.
The participation of such established players supports the long-term growth outlook for Chainlink, suggesting that it is well-positioned to benefit from broader market trends beyond just technical indicators.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
Source link
