Chainlink (LINK) Poised for $25-30 Breakout in Near Future

• Blockchain Data Network Chainlink Targets Upside Breakout
• Chainlink Shows Signs of Renewed Momentum
• LINK Expected to Break Above the $25-$30 Resistance Zone
• Potential Parabolic Move Predicted

Blockchain Data Network Chainlink Targets Upside Breakout

The blockchain data network, Chainlink$15.6 -4.61%, continues to exhibit a strong momentum towards an eagerly anticipated bullish breakout. The native LINK token of Chainlink is currently at the verge of confirming a new bull cycle, as predicted by experts. Over the past week, LINK has registered a 12% increase, and it is now gearing towards surpassing the $17 mark. Despite the wider market volatility, the observable market support has enabled the asset to consistently close above its 50-day moving average. Furthermore, LINK has recorded a 6.1% rise in the past 24 hours.

Chainlink Shows Signs of Renewed Momentum

Significantly, Chainlink seems set to deliver a weekly relative strength index reading that exceeds 70, a figure not seen since the halt of its impressive 2021 rally. This resurgence in momentum heightens the growing optimism for a trend reversal following a year dominated by rangebound trading.

LINK Expected to Break Above the $25-$30 Resistance Zone

This week, Michaël van de Poppe, a renowned Crypto analyst, predicted that Chainlink's LINK is preparing for a surge above the psychological resistance zone of $25-30. He argues that the multi-month base of $12.20 served as an accumulation dip, setting the stage for rapid expansion. Van de Poppe also noted increasing indications of altcoin rotations returning to market leadership following the summer reign of Bitcoin$42,260 -0.64%. In addition, he highlighted the numerous tests of resistance and BTC pair bottoming, all while ETH began its ascent.

Potential Parabolic Move Predicted

The cumulative developments have prompted analysts to encourage investors to get ready for a potential parabolic move if the overhead resistance clears. Nevertheless, investors should be wary of the execution risks that persist from last year's unsuccessful attempts and prolonged underperformance that consistently let down LINK investors.

Edited by Jonathan Stoker