Chainlink Gains Momentum: Ascending Channel Pattern Indicates Ongoing Growth

Chainlink (LINK) is displaying renewed vigor as its price advances within a clearly defined upward channel. Following a phase of stabilization, LINK has entered a surge phase, establishing the channel, a typical indicator of continued upward momentum. This technical formation indicates that bullish traders are firmly in command, and unless there is a significant change in market sentiment, the upward trend may persist in the near to medium term.

Chainlink Surpasses 200 MA: Bullish Trends Intensify On M30

In a recent post, crypto expert Thomas Anderson pointed out that Chainlink is demonstrating significant bullish momentum on the 30-minute (M30) timeframe. As per Anderson’s analysis, LINK has successfully crossed above the 200-day moving average, a key technical indicator often associated with shifts in market sentiment. At the time of the analysis, LINK was trading around $15.560 and was actively forming an ascending channel, a bullish formation characterized by steadily increasing lows and highs.

Anderson observed that the current price dynamics indicate persistent buying interest, with the Relative Strength Index (RSI) positioned at 64.23, just shy of overbought levels, showcasing healthy momentum. In addition, the MACD (Moving Average Convergence Divergence) indicator remains in positive territory, further affirming the robustness of the current uptrend.

Nonetheless, he advised traders to stay alert as the price nears the upper boundary of the ascending channel. This area may serve as a short-term resistance point, potentially leading to a pullback or a consolidation phase before further upward movement. Overall, the outlook for Chainlink on the M30 chart continues to lean bullish.

LINK Transitions From Bearish to Bullish Structure On Daily Timeframe

A crypto analyst known as @Whales_Crypto_Trading expressed an optimistic perspective on LINK, highlighting that the asset is currently breaking free from a descending channel on the daily timeframe. This long-standing pattern had previously constrained LINK within a downward trajectory, but the latest price movements indicate a shift in momentum favoring bullish traders. A breakout from this formation is generally regarded as a strong technical indicator, suggesting the potential for a substantial trend reversal.

The analyst pointed out that the completion of the descending channel pattern implies that Chainlink is no longer trapped in a bearish trend and may be poised for a significant upward move. With early indicators of positive market sentiment, this breakout could signal the onset of a new bullish trajectory for LINK, supported by improving technical indicators and rising trading volumes.

The analyst concluded by mentioning that this breakout lays the groundwork for a significant rally, forecasting $28 as the next major target. Achieving this level would signify a robust recovery and clearly indicate that bullish traders have regained dominance.