Chainlink (LINK) Eyes $16 and $20 Breakout While Tracking Bitcoin Market
- Chainlink price closely follows Bitcoin trends, with potential breakout targets set at $16 and $20.
- Technical analysis shows mixed signals, with daily and weekly charts reflecting market indecision and volatility.
- The Chainlink ecosystem continues expanding, adding 15 new integrations across multiple blockchains and diverse blockchain services.
Chainlink is experiencing mixed price action as it closely tracks Bitcoin’s overall market trend. Technical signals appear indecisive, though a clear breakout could trigger a strong bullish move. At the same time, ongoing integrations across multiple blockchain networks signal continued expansion of the Chainlink ecosystem.
Chainlink Price Eyes Strong Resistance
A well-known crypto analyst, CRYPTOWZRD, explained that LINK ended a recent trading session slightly negative, mainly influenced by Bitcoin’s performance. As per this analyst, most of this negativity took place during a transition into a new week, with signs of stabilization already shown in prices. They are currently tracking a short-term scalp trade in an intraday chart of LINK.
Technically speaking, the daily candle in LINK finished lower, which is in sync with Bitcoin’s movement during the transition to a new week. On a week-long chart, a gravestone doji appeared in LINK, representing an equal balance of buyers and sellers in the market. The LINK/BTC market pair is also in a state of uncertainty on a week-long chart and currently tests a lower high trend line on a daily chart.
A possible breakout above this level will enable LINK to make a stronger move upwards. Analysts believe a breakout will push LINK towards a resistance level of $16.00, and if support continues, a move towards $20.00 will not be ruled out. Support for LINK remains at $12.00.
Chainlink Intraday Chart Signals Recovery
In terms of shorter time frames, LINK/USDT’s intraday chart remains volatile but is presently exhibiting a bullish pullback, which is common during transitions into a new week. A bearish move might, however, be witnessed if Bitcoin loses strength again. Market players are presently waiting for conclusive signs before adopting new positions.
At press time, LINK is trading at $13.59, with a 24-hour trading volume of $628.23 million and a market capitalization of $9.46 billion. The LINK is down by 0.75% over the last 24 hours.
Also Read | Backed Finance, Chainlink Launch xBridge for Cross-Chain Tokenized Stocks
LINK Adoption Grows With Integrations
Aside from price dynamics, Chainlink remains on an expansion spree in its ecosystem. Recently, Chainlink posted an Adoption Update, in which it highlighted 15 new integrations of Chainlink’s standard in six different services and ten different blockchains. Some of these include Arbitrum, Avalanche, Base, BNB Chain, Ethereum, MapleStory Universe, Optimism, Solana, Stable, and Tempo.
Also Read | Chainlink (LINK) Poised for $20 Rally as Tokenization Boosts Institutional Adoption
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