Chainlink (LINK) Turns Bullish: Bulls Eye a Massive 25% Surge!

Chainlink (LINK) is up over 10% and looks set for more gains above $25.00. The price must stay above $20.50 to start a fresh rally.

Chainlink Price Signals Bullish Breakout

After a steady decline, Chainlink found support near the $18.00 zone. LINK formed a base and started a fresh increase above the $20.00 and $22.00 resistance levels. However, upsides were limited compared to Bitcoin.

The price climbed above the 50% Fib retracement level of the downward move from the $30.76 swing high to the $17.90 low. The bulls even pushed the price above the $23.50 level and the 50-day simple moving average (blue).

Chainlink price daily chart | Source: LINK/USD on TradingView.com

LINK price even cleared a key contracting triangle with resistance at $21.80 on the daily chart, outperforming majors like ETH. It is now consolidating gains above the $24.00 level. The current price action on the daily chart suggests that the price could start a fresh surge.

Immediate resistance is near the $25.00 level. The next resistance is $25.80 or the 61.8% Fib retracement level of the downward move from the $30.76 swing high to the $17.90 low.

A close above the $25.80 level could set the stage for a fresh surge. The main resistance is now forming near the $27.70 level. If the bulls clear the $27.70 hurdle, it could open the doors for a pump toward the $30.00 resistance zone. The next key resistance is near the $32.50 level. Any more gains might send LINK price toward the $35.00 level.

Recently, Donald Trump Jr. announced strategic purchases of a few major cryptos including LINK (worth $4,700,000) to commemorate the inauguration of Donald J. Trump as the 47th President of the United States, sparking bullish moves.

Another Decline In LINK?

If Chainlink fails near $25.00 or $25.80, there could be a downside correction. Immediate support is near the $23.50 zone and the 50-day simple moving average (blue).

The next major support is at $21.80 (a multi-touch zone) and the triangle’s trend line, below which LINK price might slide and test $20.00. Any more losses might call for a dip toward the $17.80 support zone in the coming days.

Overall, Chainlink’s LINK price is trading in a bullish zone above the $24.00 support and the 50-day simple moving average (blue). It could soon start a fresh surge above the $25.00 and $25.80 levels in the near term.

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