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- Chainlink (LINK) is re-accumulating at $14.8, signaling a potential breakout.
- LINK’s re-accumulation phase hints at a major move, with targets at $26.5 and $33.
- Strong fundamentals and adoption drive LINK’s bullish outlook, eyeing a breakout.
Chainlink (LINK) is showing promising signs of a potential breakout. According to the post below, LINK is currently re-accumulating along a key resistance zone at $14.8 on the daily chart.
💰 #LINK Mid-Term Setup $LINK is currently Re-Accumulating along the Key Resistance Zone🧐
— Whales_Crypto_Trading 🐋 (@WHALES_CRYPTOx) July 21, 2024
Breakout above the one & Rally is just a matter of time📈
🎯 1 Target: 26.5$
🎯 2 Target: 33$
👇Crypto Traders-join Telegram👇 https://t.co/caOlZBzkdM
. pic.twitter.com/DCI5BuKewN
LINK’s Imminent Breakout
The current setup indicates that LINK is poised for significant upward movement. According to analysts, breaking above this zone could trigger a substantial rally.
The key resistance zone at $14.8 has been a critical level for LINK. The Whale Crypto Trading suggests that profit targets are $26.5 and the second at $33.
The re-accumulation phase is where investors consolidate their positions, preparing for the next big move. This phase often precedes a breakout, as seen in previous market cycles.
The anticipation of a breakout is fueled by the strong fundamentals and growing adoption of Chainlink’s technology.
Chainlink is a decentralized oracle network that enables smart contracts to securely interact with real-world data. This unique functionality has positioned Chainlink as a vital component in the blockchain ecosystem, driving its demand and value.
Technical Analysis Supports LINK’s Bullish Outlook
The daily chart shows a clear pattern of higher lows, indicating strong buying interest at lower levels. The resistance at $14.8 has been tested multiple times, and each test strengthens the likelihood of a breakout.
Investors are closely watching LINK’s price action, as a breakout above $14.8 could lead to a rapid ascent towards the profit targets. The first target of $26.5 represents a significant gain from the current levels, while the second target of $33 suggests even greater upside potential.
Meanwhile, LINK is trading at $14.3 and its trading volume in the last 24 hours is $417.8M. The daily and weekly price gains of Chainlink are 4.13% and 1.83%.