Chainlink’s LINK Price Will Spike to $20 If This Resistance Level Breaks

2023-11-10 16:15

Chainlink’s LINK token has been on a tear in recent weeks, gaining over 100% in the last month alone. However, the price hit resistance around $16 two days ago and has since pulled back, consolidating around $14. Despite LINK’s impressive 34% gain over the past 7 days, it has risen less than 2% today as traders eye the next key level. According to analysis from Rekt Capital, LINK could quickly spike to $20 if bulls can reclaim one crucial resistance point.

Consolidation Provides Opportunity

Even with LINK’s meteoric rise over the past month, the price action has shown signs of fatigue the last few days. LINK attempted to break past $16 but was rejected, leading to a pullback to around $14 to $15. So far, LINK has struggled to reclaim this zone as support.

However, Rekt Capital views this consolidation as a healthy development that is providing an opportunity for bulls. Now that LINK is trading just below resistance, it is setting up for a potential breakout. A decisive move above $15.60 would flip this to support and could spark a quick rally up to $20.

Clear Skies to All-Time Highs

A break above $15.60 is key because there is minimal resistance between that level and the psychological $20 mark. As Rekt Capital notes, his chart shows a clear pathway for LINK if it can turn $15.60 to support. From there, a rally to $20 would represent a 30%+ gain from current prices.

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In summary, Chainlink looks poised for a major breakout if key resistance around $15.60 flips to support. This would pave the way for a spike towards $20, with LINK’s all-time high soon within reach. Traders and investors will be watching closely how this key level plays out.

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The post Chainlink’s LINK Price Will Spike to $20 If This Resistance Level Breaks appeared first on CaptainAltcoin.

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