bullish

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Convergence

Chainlink

Gains

<ul class="wp-block-list">
 <li>Chainlink broke out of a 3-year falling wedge, turning $13.50 and $17.50 into support, with $55.39 as a long-term target.</li>  
 <li>LINK nears resistance at $30.32 with RSI at 67.73, signaling momentum; support at $27.50 could hold during pullbacks.</li>  
 <li>Sustained volume and higher highs since November highlight bullish momentum, with $32.50 as the next short-term target.</li> 
</ul>  
<p>Chainlink ($LINK) has been surging toward new highs. According to analysis from ZAYKCharts, the cryptocurrency has <a href="https://x.com/ZAYKCharts/status/1867790548200800437" target="_blank" rel="noopener noreferrer nofollow">gained</a> over 190% following a breakout from a prolonged downtrend.&nbsp;</p>  
<p>Currently trading at approximately $29.98, the asset is positioned to challenge key resistance levels, with projections pointing to a potential move as high as $55.39. The breakout is supported by strong technical patterns and increasing buying momentum.</p>  
<h2 class="wp-block-heading" id="technical-patterns-indicate-bullish-momentum">Technical Patterns Indicate Bullish Momentum</h2>  
<p>ZAYKCharts identifies two key falling wedge patterns that have defined <a href="https://cryptofrontnews.com/link-climbs-40-in-style-can-the-bulls-take-it-to-35/" rel="noopener noreferrer nofollow">Chainlink's price movement</a> over the last three years. The first wedge, which spanned from 2021 to early 2022, saw a downward trend eventually give way to a bullish breakout.</p>  
<figure class="wp-block-image size-large"><img src="https://cryptofrontnews.com/wp-content/uploads/2024/12/Geu5mUbXgAEHBcT-1-1-1024x492.jpeg" alt="Chainlink Soars After Downtrend Breakout, Analyst Predicts Bullish Run to $55" class="wp-image-6984">
 <figcaption class="wp-element-caption">
  Source: <a href="https://x.com/ZAYKCharts/status/1867790548200800437" target="_blank" rel="noopener noreferrer nofollow">ZAYK Charts</a>
 </figcaption>
</figure>  
<p>However, this rally lost strength by mid-2022. The second falling wedge, observed between 2022 and late 2024, displayed a similar downward movement but ended in a decisive breakout in Q4 2024.</p>  
<p>Falling wedges are traditionally associated with <a href="https://cryptofrontnews.com/chainlink-unlocks-18-75-million-link-transfers-majority-to-binance-as-bulls-eye-targets-12-71/" rel="noopener noreferrer nofollow">bullish reversals</a>, and Chainlink's breakout confirms the end of its extended downtrend. Following this move, the cryptocurrency surpassed critical resistance levels, including $13.50 and $17.50, which have now become key support zones. With its current trajectory, Chainlink faces intermediate resistance at $35–$40 before targeting the long-term projection of $55.39.</p>  
<h2 class="wp-block-heading" id="price-action-and-key-indicators-show-strength">Price Action and Key Indicators Show Strength</h2>  
<p>At <a href="https://coinmarketcap.com/currencies/chainlink/" target="_blank" rel="noopener noreferrer nofollow">$30.98</a>, Chainlink is approaching a resistance level of $30.32, with steady volume supporting its upward movement. Recent trading activity reflects growing buyer interest, as evidenced by a volume surge during the early December breakout. Despite nearing overbought territory with an RSI of 67.73, the momentum remains intact.</p>  
<figure class="wp-block-image size-full"><img src="https://cryptofrontnews.com/wp-content/uploads/2024/12/LINKUSDT_2024-12-14_13-33-45-1.png" alt="Chainlink Soars After Downtrend Breakout, Analyst Predicts Bullish Run to $55" class="wp-image-6985">
 <figcaption class="wp-element-caption">
  Source: <a href="https://www.tradingview.com/x/1qyLZk6U/" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>
 </figcaption>
</figure>  
<p>The Moving Average Convergence Divergence (MACD) indicator shows the MACD line converging with the signal line, while the histogram sits at -0.01. This indicates that bullish momentum could weaken in the short term unless a breakout above $30.32 occurs. Monitoring support levels at $27.50 is advised, as any pullback may test this zone before resuming the uptrend.</p>  
<h2 class="wp-block-heading" id="critical-levels-to-watch-for-continued-gains">Critical Levels to Watch for Continued Gains</h2>  
<p>Chainlink’s current price movement highlights <a href="https://cryptofrontnews.com/chainlink-link-eyes-major-breakout-with-270-surge-potential-toward-47-154-analyst-predicts/" rel="noopener noreferrer nofollow">a strong uptrend</a> that began in late November, characterized by higher highs and higher lows. A sustained move above $30.32 would confirm further upside, with $32.50 identified as the next key level. On the other hand, a failure to break resistance could lead to a pullback toward $27.50 or even $25.00.</p>  
<p>ZAYKCharts also notes that Chainlink's breakout from its long-term pattern could lead to a price discovery phase if it surpasses the $55.39 target. However, maintaining support above $17.50 and $13.50 is essential to sustain the bullish structure.</p>

Chainlink Soars After Downtrend Breakout, Analyst Predicts Bullish Run to $55

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