The Chainlink (LINK) cryptocurrency is riding a bullish wave in the past week, up 7% in that span. Amid growing tariff concerns coming from the US administration, eyes have been on the LINK token. Experts are trying to decipher whether or not there is a boom or bust moment for Chainlink ahead, and have arrived at mixed answers. Earlier this week, traders were over-leveraged at $12.99 on the lower side (support) and $13.83 on the upper side. However, the asset has boomed past this mark.
Chainlink price has printed a double bottom chart pattern, alluding to a potential 126% rally to the upside. According to analysts, bullish sentiment among traders is increasing following a rise in LINK’s 30-day MVRV to the highest level in one month. Additionally, LINK is currently forming a bullish setup with a falling wedge pattern. The price has been consolidating within this wedge, signaling a possible trend reversal. As Chainlink approaches the apex of the pattern, investors could see a sharp move upwards, starting with a move to $18.
Currently trading at $14.80, LINK could make its return to $16 in a matter of days. For over two weeks, the asset has been consolidating within a tight range and has now reached a key resistance level, formed by a descending trendline. If the asset breaks this trend, which more analysts are starting to expect, a long-awaited rally could be imminent.
Also Read: Chainlink (LINK) Targets $32: Here’s The Timeline
Earlier this month, a double-bottomed pattern appeared on Chainlink (LINK)’s weekly time frame chart. This pattern shows that bulls have been defending the support level at $10, and if it does hold, it might be a major factor that will drive a price rally. This double bottom pattern is still in the early stages, and it will mature after the price crosses above $18 and turns this price level into a strong support. However, a gradual increase in buying activity is supporting a bullish Chainlink price prediction.
LINK’s price now sits above the 50-day simple moving average (SMA), acting as short-term support at $13.50. If this holds, it could spur a rally for the Chainlink (LINK) cryptocurrency entering July like many analysts forecast. A clear break above the next resistance level of $14.65 could confirm the breakout and signal the start of a larger move toward the $17–$18 range. Upon reaching that, LINK’s path towards $25-$30 would be imminent, signaling a huge boom rather than a bust.
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