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Cryptocurrency investors have passed another significant milestone in the last 24 hours with the approval of ETH ETFs. This could potentially open the door to a new bullish period for these altcoins. For instance, LINK Coin price has surpassed $17 again, aiming for new highs. So, how much could it reach in a few days based on current data?
Chainlink (LINK) Analysis
On the daily chart, LINK Coin bulls tested the Ichimoku Cloud ceiling. Although there was a slight rejection at the peak point of $17.41, the price still found buyers above $17.27, indicating that the situation is not too bad. This test points to a strong resistance level, and breaking above it will be crucial for the next leg of the rally.
So, if we don’t see a new upward attempt, what levels could LINK Coin price test? In this case, Fibonacci support regions will come into play. The first significant support level is at $16.41. Below this, targets of $15.52 and $14.09 exist. The key area to maintain the bullish outlook in the medium term is $15.52.
LINK Coin Chart Analysis
Looking at the daily chart of LINK Coin against BTC, we also see the price entering the Ichimoku Cloud, preparing for a new upward movement. The price rising into this indicator usually signals larger increases. Additionally, as with the USDT pair, this happening in the BTC pair reflects the potential for positive divergence.
If BTC and LINK Coin can maintain their strong stance, the leading cryptocurrency with a target of 73,000 could pull LINK Coin to $19. The increase in daily active addresses on the network and the recovery in volume suggest that LINK Coin’s rise is supported beyond speculative movement.
Bitcoin price was at $67,200 at the time of writing. ETH, on the other hand, dropped to $3,688 following the approval. After the BTC ETF approval, we had often seen questions like “when will the rise start,” and we might see or hear the same if the second leg of the rise is delayed. In any case, the overall outlook for cryptocurrencies and acceptance and legitimization on the US front are at unprecedented levels.
