You are here: Home / News / Chainlink (LINK) Bulls Eyeing $15 Mark as Weekly Chart Signals Potential Rally
by Kashif Saleem
Chainlink (LINK) is displaying bullish signals on its weekly chart, triggering optimism amongst financiers. The development of a appealing candlelightVERTISEMENT near the cycle low suggests a possible rate reversal or bottom development, liningup with the current tweet from popular crypto expert Michaël van de Poppe.
“$LINK makes a really good weekly candlelight on the cycleVERTISEMENT low. Again, the bottom will mostlikely be created in May or June. A comparable cost pattern tookplace in previous years, resulting in a 150% rally in the year’s 2nd half. I’m expecting the exactsame,” stated Van de Poppe.
Van de Poppe’s accompanying chart provides important insight into LINK’s historic performance. The chart highlights essential resistance and assistance levels, with theVERTISEMENT important resistance at 0.0004480 BTC and the cycleVERTISEMENT low around 0.0002197 BTC acting as substantial obstacles for LINK to gottenridof.
Historically, comparable chart patterns have preceded considerable rallies for LINK, with gains reaching up to 150% in the latter half of previous years. Notably, the chart suggests a potential pattern switch, with LINK forming greater lows and greater highs – a traditional technical indication of a bullish pattern turnaround.
This shift suggests that Chainlink may be goinginto a new stage of upward momentum fueled by growing financier self-confidence. The Relative Strength Index (RSI) on the chart includes another layer of optimism. LINK’s current position in the oversold area traditionally precedes rate increases as purchasing pressure constructs up.
Chainlink Bulls Face Resistance, But Momentum Persists
Over theVERTISEMENT past coupleof sessions, LINK showed a noteworthyVERTISEMENT rise from the $13.00 zone, surpassing theVERTISEMENT $13.50 and $14.00 resistance levels. Unlike Bitcoin, LINK bulls have been active in the market.
However, LINK dealswith obstacles near the $14.50 and $14.65 levels, combining after reaching a high of $14.63. DespiteVERTISEMENT this, LINK stays above the 23.6% Fibonacci retracement level of the upward relocation from $13.16 to $14.46.
Currently, LINK is trading at $13.70, marking a 1.02% decrease in the last 24 hours. Chainlink has regularly decreased in the last month’s duration, recording a 16.20% decrease.
Immediate resistanceVERTISEMENT lies around $14.40 or the tria