- LINK price flipped the obstacle at $24.61 to a support barrier, confirming potential uptrends.
- Success here may see Chainlink gaining 36%, retesting the weekly resistance level at $33.62.
- Violating the support barrier at $18.81 will form a lower low, canceling the bullish narrative.
Chainlink (LINK) prints signals that showcase before an uptrend starts. The developments have backing factors from on-chain and technical viewpoints. With that, market players may expect a bullish rally from LINK.
Chainlink on a Decisive Point
Chainlink’s price surged 88% from 29 November 2021, forming a swing high near $28.69. This upside move sliced the weekly resistance zone at $24.62 and the range’s middle level at $25.92.
Though the altcoin flipped the support floor at $24.61, the resulted correction sliced through the $25.92 mark, retesting the foothold at $24.61 at the moment. LINK rebounding of this zone will mean a high probability the crypto will overpower the midpoint and surge towards the weekly resistance area at $33.62. This upward journey will mean a 36% upswing and might halt and correct before challenging further obstacles.
IntoTheBlock’s GIOM model seems to support Chainlink’s outlook. The metric displays little to no obstacles in Chainlink’s road. However, the only obstacle that might matter stretches between $27.45 and $31.18. Here, nearly 84,290 addressed that bought roughly 36 million Chainlink tokens are out of money. These market participants might trim their holding to break even whenever LINK price surges higher.
Chainlink’s on-chain volume formed a higher high between 4 December and 7 January as the asset printed a lower low, creating a divergence. A surge in on-chain volume usually shows an impending bullish move. Therefore, LINK investors may expect the alt to experience a substantial appreciation, supporting the technical viewpoint’s bullish thesis.
Though things appear upside for LINK price, breaching the support zone at $24.61 will drag Chainlink lower to $18.81. A weekly candle close beneath this barrier will form a lower low, violating the oracle token’s bullish outlook. Such a narrative might see LINK dropping towards the range low of $13.38.
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