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Tuesday, February 18, 2025
HomeAnalysisChainlink (LINK) Price Expected to Continue Uptrend, Breaking Above Resistance Zone at...

Chainlink (LINK) Price Expected to Continue Uptrend, Breaking Above Resistance Zone at $18

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The price of Chainlink (LINK) has rebounded from the previous significant resistance and formed a bullish pattern, indicating that it is expected to continue its uptrend in the near future.

Weekly Outlook: The Chainlink (LINK) price has broken above the long-term resistance zone at $18 and confirmed it as support last week. The bounce has created a bullish engulfing pattern, indicating that the bulls are buying aggressively on minor dips. The weekly RSI (Relative Strength Index) has confirmed the previous bearish divergence line as support and is trending upwards, supporting the potential for further gains. Therefore, the LINK price could potentially rise to the next significant horizontal resistance at $28.

LINK/USDT weekly chart. Source: TradingView

Short-Term Breakout: The LINK price has broken above the short-term resistance line and confirmed it as support yesterday. This indicates that the short-term correction may have ended, and the LINK price might have initiated another upward movement. The 4-hour RSI maintains above the 50 level since the price broke the short-term resistance line, signaling that the bulls are in control of the market.

LINK/USDT 4-hourly chart. Source: TradingView

Conclusion: The most likely prospect suggests that the LINK price will continue to rise in the coming days. The immediate target is $22.6, with a higher target of $28. However, this bullish outlook would be invalidated if the LINK price breaks and closes below the $18 zone on the weekly timeframe.

In summary, the bullish outlook for Chainlink (LINK) suggests that the price will continue to rise in the coming days, with the immediate target at $22.6 and a higher target of $28. However, it is important to monitor the price action and be prepared for potential changes in market conditions.

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