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- LINK jumps 6.36% to $17.85, with trading volume up 81.78% to $654.66M, signaling rising market interest.
- A breakout from the bullish flag pattern sets the next price targets at $22.00 and $26.50 after hitting $17.70.
- RSI at 56.93 and MACD crossover confirm bullish momentum; traders eye $22.00 as the next resistance.
Chainlink (LINK) is currently trading at $17.85, with an increase of 6.36% in a day. Its trading volume increased by 81.78% to reach a high of 654.66 million. The price has also experienced an increase of 1.89% in the last week. The high trading volume and recent performance indicate renewed interest in the market. LINK is currently experiencing a surge in value following a period of consolidation.
Source: CoinMarketCap
LINK’s 20-Day Flag Signals Major Upside Potential
Crypto analyst Jonathan Carter highlighted that LINK had created a bullish flag on its daily chart following an exit of the broadening wedge. He said the 20-day consolidation indicates the price is about to increase. The trend is indicative of significant upside prospects.
He gave breakout targets of $17.70, $22.00, and $26.50. At $17.70, LINK has already reached the first target. According to analysts, a breakout above the upper border of the flag triggers these targets. His breakdown coincides with new price behavior and rising volumes. Traders are waiting to be confirmed to the higher levels.
Source: X
Also Read: XRP Under Pressure as Whale Wallets Dump Millions: What’s Next for the Token?
MACD Turns Bullish, RSI Confirms Upward Pressure
The Relative Strength Index is at 56.93, and its signal line is at 54.15. This puts LINK at a neutral-bullish level. The RSI is on an upward trend, indicating rising purchasing power. It also indicates that LINK can still continue to go up before it goes overbought.
The MACD line currently stands at 0.214, and the signal line stands at -0.205. Bullish momentum is being formed in the positive spread. The MACD histogram has turned light red, marking a weakening bearish trend. Should the lines persist in trending upward, it will affirm a continuing upward thrust. The technical configuration is usually an indication of a change in trend.
Source: TradingView
Open Interest and Volume Spike Signal Rising Confidence
According to CoinGlass data, futures volume increased 59.30% to $1.25 billion. The open interest jumped by 13.82% to $945.16 million. It indicates that traders continue to open positions as LINK picks up. The OI-weighted funding rate stands at 0.0100%, a slightly bullish point.
Source: CoinGlass
All major signs are signifying momentum in LINK. This bullish flag has already reached its first breakout target. Bullish MACD, the rise in volume, and the improving RSI establish positive moods. This trend is supported by derivatives data showing an expanded market participation. Traders now await an impulse to the resistance level of $22.00.
The present structure of LINK is too strong to expect any further growth. Market and technical indicators are in convergence. Assuming the momentum persists, the more ambitious goals can be made achievable in the near future.
Also Read: Bitcoin Panic Selling: Short-Term Holders Exit at a Loss as Bull Trend Holds
