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Chainlink (LINK), one of the most widely used decentralized oracle networks, has established a remarkably bullish setup that could propel prices as high as $20, according to a recent analysis. Despite the broader market weakness, LINK has rallied 16% over the last six sessions while continuing to print successive highs and lows. Now, with LINK appearing to have hit a tipping point, analysts weigh the evidence suggesting a major breakout could be imminent. Coinpedia points to the formation of an ascending channel pattern on LINK’s daily price chart that typically precedes powerful upside moves upon breakout. This indicates substantial pent-up buying momentum could soon be unleashed from LINK’s multi-week consolidation between roughly $11 support and $15 resistance. Also read: Cryptocurrency: 5 Coins To Watch in February 2024 To Generate Profits Can LINK surge to $20? Breakout confidence stems from strong trading volumes backing LINK ’s recent advance. Volume often precedes ...

Chain LINK has recently broken out of its descending channel, indicating that the asset could see a trend reversal. The token was on a downward trajectory since July 20, witnessing consecutive lower highs and lower lows. However, the token’s price spiked yesterday, breaking through its descending resistance line. Moreover, yesterday’s closing candle formed a demand zone, which is also a bullish development. Also Read: Chainlink Registers Largest On-Chain Volume in 2023 with $350 Million Chain LINK currently faces resistance at around $7.619, with support at around $7.112. If LINK is able to close the day above $7.45, it opens the possibility of a bullish reversal. If the token is able to close above $7.4, it could test $7.70, which could prove to be a profit-making area. Moreover, if the $7.70 level is also crossed, it could face resistance around $8.45. This level was previously tested in February and may prove to be another profit-taking zone. Source: LINK/USD...

After consistently rising over the past few days and attaining new local highs, the market’s top cryptos, i.e. Bitcoin and Ethereum, were seen taking a breather on Tuesday, March 21. The effect of the same was reflected in the global crypto market cap, which was down 1.2% to $1.16 trillion at press time. Barring a few exceptions, most other cryptos followed Bitcoin and Ether’s suit and were trading at minor corrections within the 24-hour timeframe. Also Read: Has Bitcoin Finally Entered Into its Bull Phase? XRP On Tuesday, most of the 100 assets were borderline trading in the red. However, XRP was not one among them. At press time, the market’s sixth largest crypto was up by around 4.8% on the daily time frame. Like most assets, even XRP recently broke past its downtrend. Using the same bearish trendline as support, the asset recently went on the knock on the doors of $0.4. The asset’s buying momentum has not yet reached its saturation point, for the RSI continues to hov...