Chainlink (LINK) is grabbing investors' attention with strategic partnerships and positive technical signals. Could this upward momentum truly propel LINK to a 92% gain in the coming days? Stay tuned for the latest updates and insights on LINK's potential price surge.
Despite the Link recent decline, it still shows impressive gains of 41% over a month and 114% from its yearly low. This performance can be attributed to several favorable catalysts. Notable among these is the recent partnership between the US Department of Commerce and Chainlink. The aim is to integrate government macroeconomic data onto the blockchain.
Furthermore, Chainlink has strengthened its presence in the real-world assets space by partnering with Ondo Finance for the launch of Ondo Global Markets. This initiative offers more than 100 tokenized US stocks and ETFs. These positive developments should continue to support LINK’s bullish momentum.
On the technical front, LINK has managed to maintain the support level at $23, which acts as the neckline of a double bottom pattern formed since March last year. With the 50-day simple moving average still above the 200-day moving average and a “golden cross” in progress, technical signals remain favorable for a continuation of the uptrend.
Should this momentum continue, LINK could target a movement up to $31. This is a key resistance level corresponding to the upper neckline of the pattern. A decisive breakthrough of this threshold could then trigger an acceleration of the upward movement to $45, representing a potential increase of nearly 92% from current levels.
However, price behavior will need to be closely monitored. A fall below $20 could challenge the bullish scenario and expose the token to a more significant downside risk.
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