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At a stage where Bitcoin, the flagship of cryptocurrencies, is experiencing a rapid increase, altcoins are also trying to keep up with BTC. Bitcoin’s market dominance has surpassed the 54% level today. This situation indicates that BTC has gained significant value against altcoins. Since Ethereum has just surpassed the $3,600 level, a rise for other altcoins is expected. One of these altcoins is the leading oracle network Chainlink (LINK).
Weekly Outlook for Altcoin Chainlink (LINK)
The price of altcoin Chainlink (LINK) has rebounded from a previous significant resistance and formed an uptrend formation. It is expected to continue its upward trend in the near future. The Chainlink (LINK) price has risen above the long-term resistance level of $18 and confirmed it as support last week.
The bounce created an engulfing bullish formation. This development is a bullish signal indicating that bulls are aggressively buying during small dips.
The weekly Relative Strength Index (RSI) has confirmed the previous bearish divergence line as support and is showing an upward trend, supporting the potential for further gains.
Therefore, the altcoin LINK price could potentially rise to the next significant horizontal resistance at $28. This figure corresponds to an increase of 35.61% from the current price.
Moving Above Short-Term Resistance Line
The altcoin LINK price has moved above the short-term resistance line and confirmed it as support yesterday. This suggests that the short-term correction may have ended and the LINK price could have initiated another upward movement.
Since the price broke the short-term resistance line, the 4-hour RSI has been above the 50 level, indicating that bulls are in control of the market.
Therefore, the cryptocurrency LINK price could rise to the nearest horizontal resistance at $22.6 in the next few days. The most likely expectation is that the LINK price will continue to rise in the coming days. The immediate target is $22.6, with a higher target at the $28 level.
This bullish outlook will be invalidated if the cryptocurrency LINK price falls below and closes under the $18 region on the weekly timeframe. At the time of writing, we see that the cryptocurrency Chainlink (LINK) is trading at a price of $20.47.
