Do. Jun 13th, 2024

• Chainlink (LINK) has been consolidating since May last year without a clear breakout.
• Recent developments in the altcoin market, triggered by the XRP case last week, could lead to a Chainlink price breakout in the coming months.
• Crypto analyst Michael van de Poppe believes that recent bullish indicators will sustain and LINK’s price could expand towards $15 after forced liquidation below the lower consolidation range border.

Chainlink (LINK) Gains Momentum

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. Additionally, daily trading volumes surged by 187% reaching around $562 million.

Expected Expansion Towards $15

Crypto analyst Michael van de Poppe forecast an expansion of LINK’s price towards $15 after forced liquidation below the lower consolidation range border. On the daily time frame, LINK finds support from 50 and 200 moving averages which have served as crucial levels for further reinforcing his expectation of a rally beyond $9.5 if Bitcoin’s price drops significantly during this period.

Positive Fundamentals

The integration of Chainlink into various DeFi protocols is becoming essential for launching new projects which resultantly strengthens its network and encourages more decentralized node operators to join it securely and scalably providing independent data sets to be used across platforms.

Bullish Indicators Sustaining Price Action

The bullish indicators within LINK’s ecosystem are expected to sustain according to Van de Poppe’s analysis due to Bitcoin currently holding critical support at around $30k which would enable LINK’s expansion towards $15 should BTC sweep through its current resistance points successfully while maintaining its support level at $30k throughout this period.

Conclusion

Overall there are numerous factors indicating that Chainlink (LINK) gains momentum amidst positive fundamental developments and may eye a potential breakout soon if supported by Bitcoin’s successful movement past current resistances while holding onto its crucial supports simultaneously.

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