Chainlink (LINK) Gains Momentum and Eyes Breakout Amidst Positive Fundamentals

The post Chainlink (LINK) Gains Momentum and Eyes Breakout Amidst Positive Fundamentals appeared first on Coinpedia Fintech News

The Chainlink (LINK) army has been accumulating in a horizontal range since May last year without a clear breakout. However, recent developments in the altcoin market, triggered by the XRP case last week, have experts believing that Chainlink’s price could secure a breakout in the coming months.

The LINK ecosystem has seen significant positive developments, with numerous DeFi protocols integrating their systems with Chainlink’s price feed oracles. This integration has become almost essential for the launch of any new DeFi protocol, further strengthening the Chainlink ecosystem. Additionally, the decentralized data node operators within the Chainlink network contribute to the secure and scalable provision of independent data.

The daily trading volume also surged by approximately 187% in the past 24 hours, reaching around $562 million. Respected crypto analyst Michael van de Poppe believes that these bullish indicators will sustain in the near future, projecting an expansion of LINK’s price towards $15 after a recent forced liquidation below the lower consolidation range border.

On the daily time frame, the LINK price finds support from the 50 and 200 moving averages, which have served as crucial levels. This support further reinforces the analyst’s expectation that Chainlink (LINK) could easily rally beyond $9.5 if Bitcoin’s price drops below $30k in the coming weeks.

With the accumulation of positive fundamentals and integration with numerous DeFi protocols, Chainlink (LINK) is poised for a potential breakout after a long horizontal range. Crypto analyst Michael van de Poppe predicts a bullish outlook for LINK, projecting a price expansion toward $15.

Furthermore, the technical analysis reveals significant support levels for LINK, providing further confidence in its upward potential. As the altcoin market gains momentum, Chainlink’s performance is worth monitoring for potential investment opportunities.