Chainlink eyeing potential breakout: Can LINK hit $20?

Chainlink, the renowned oracle network, has created a bullish setup for its native crypto, LINK. The setup boasts the capability to propel LINK’s price as high as 20 dollars.

The latest market analysis shows that the market weakness has pushed LINK to rally 16% in the past 6 sessions. At the same time, crypto has continued to print back-to-back highs and lows.

With LINK about to reach a tipping point, experts are seeing evidence suggesting a major breakout for the crypto. Based on the latest Chainlink forecast, LINK can end this year at 15.61 dollars.

However, observing how well the cryptocurrency is doing right now can raise the price. LINK is currently priced at 17.93 dollars, with 14.27% growth in the past 24 hours. The token has gained a total value of 29.10% in the past 7 days.

Its daily price chart hints at a powerful upside movement as soon as the breakout occurs. The massive pent-up purchasing momentum surrounding LINK is set to be unleashed after its multi-week consolidation.

The token had been trading between the 11-dollar support level and the 15-dollar resistance level. A confident breakout from the 15-dollar resistance level can push Chainlink toward the 20-dollar mark.

Chainlink has been gaining traction across metrics while joining hands with leading platforms to attract high-profile customers. Around 8 million dollars worth of LINK tokens has already been bought in 2024, with only one-month passing.

Its strong adoption rate among institutional investors hints at an upside valuation. Moreover, Chainlink leads the decentralized oracle market with precise real-world data. The platform is powering 1,000+ dApps and even more projects worldwide currently.

Thus, its native crypto LINK is well-positioned to become the next big thing in the crypto industry.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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