This analysis examines Chainlink (LINK) and its price behavior within the current market cycle.
Lagging the Rally, But Poised for Breakout?
While the broader market experiences a bull run, LINK's daily price action shows a slight lag.
Currently, the price is consolidating within a range of $16.91 (low) and $17.89 (high).
A confirmed break below $16.91 could signal a deeper discount zone.
Weekly Uptrend Faces Resistance:
The weekly time frame presents a more optimistic view, with LINK following an upward trend.
A key resistance level sits at $20.78. Overcoming this hurdle is crucial for a sustained bullish rally. Failure to break through could maintain the current rangebound scenario.
Monthly Breakout in Sight?
The monthly chart hints at a potential break of structure (BOS).
A decisive close above $19.65 would confirm the BOS, potentially propelling the price towards the $29-32 zone.
Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Always conduct your own research before making investment decisions.