Overview

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Chainlink (LINK) is under pressure after failing to hold above the $17.50–$18 resistance zone. The daily chart shows a sharp rejection near the 200-day SMA (currently at $17.79), followed Chainlink was one of the first few altcoins to start rallying even before ‘Uptober’ could commence. From a low of around $5.7, LINK rose by more than 40% to $8.2. From a low of around $5.7, LINK rose by more than 40% to Chainlink was one of the first few altcoins to start rallying even before ‘Uptober’ could commence. However, it But on April 16, something changed in this trend as Chainlink’s price surged past the overhead resistance at $12.40. This breakout suggests that the token might have Chainlink was one of the first few altcoins to start rallying even before ‘Uptober’ could commence. From a Yes, a rally to $40 is possible as Chainlink has reached similar levels before. Historical patterns suggest a potential 167% surge, and rising demand for LINK supports this Over the last 24 hours, LINK has surged by 6%, reinforcing the potential for a breakout. To trigger this rally, the token must first break through the short resistance at The market analyst highlights a substantial outflow of LINK tokens from crypto exchanges, signaling the active accumulation trend. The formation of flag patterns If LINK successfully breaks above $13, the price could potentially rally toward the $18 level, representing around a 40% gain from the breakout point. The Relative Strength

Chainlink (LINK): 40% Rally Stalls at Rejection Juncture - What's Next?

Chainlink (LINK) is facing headwinds after a strong rally, finding itself at a crucial rejection point. After being one of the first altcoins to rally even before ‘Uptober’ could commence, LINK's momentum is being tested. From a low of around $5.7, Chainlink saw a surge of more than 40% to $8.2, driven by factors like accumulation trends and potential breakouts.

However, the recent price action paints a more complex picture. Chainlink (LINK) is under pressure after failing to hold above the $17.50–$18 resistance zone. The daily chart shows a sharp rejection near the 200-day SMA (currently at $17.79), followed by a period of consolidation. The Relative Strength Index (RSI) suggests potential weakness if the $17.50 - $18 level remains unbroken.

Prior to this, on April 16th, Chainlink’s price surged past the overhead resistance at $12.40, suggesting a potential shift in market sentiment. If LINK successfully breaks above $13, the price could potentially rally toward the $18 level, representing around a 40% gain from the breakout point.

Can Chainlink Rally to $40?

Yes, a rally to $40 is possible as Chainlink has reached similar levels before. Historical patterns suggest a potential 167% surge, and rising demand for LINK supports this ambitious target. This potential is further reinforced by Over the last 24 hours, LINK has surged by 6%, reinforcing the potential for a breakout.

Key factors supporting a potential bullish move include:

  • Active Accumulation: The market analyst highlights a substantial outflow of LINK tokens from crypto exchanges, signaling the active accumulation trend.
  • Flag Patterns: The formation of flag patterns suggests potential bullish continuation if these patterns resolve to the upside.

To trigger this rally, the token must first break through the short resistance at the current rejection area. Overcoming this resistance is crucial for confirming a bullish breakout and paving the way for a significant price surge.

Despite recent pullbacks, the long-term outlook for Chainlink remains optimistic, contingent on breaking through key resistance levels and sustained market support.

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