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Chainlink outperforms while broader markets route, LINK targets a return to $35

  • Chainlink price rebuffs all selling attempts and pushes forward.
  • Critical breakout zone ahead could trigger a 25% rally.
  • Near-term resistance threatens the recent rally, but bears have not shown strength.

Chainlink price action continues to outshine all other major cryptocurrencies. With Bitcoin, Ethereum, and other major market cap cryptocurrencies suffering intraday losses over 5 to 6%, Chainlink has been the single outlier with bullish momentum.

Chainlink price faces resistance at $30

Chainlink price has been halted near the $29 to $30 value area for the past two days. Despite a bullish close above the Cloud and the fulfillment of an Ideal Bullish Ichimoku Breakout setup on the daily chart, the weekly Ichimoku chart shows why buyers see difficulty in a move above the $30 range.

The weekly Senkou Span A, Senkou Span B, and 61.8% Fibonacci retracement share the $30 value area. Those three price levels create near-term resistance preventing Chainlink price from moving higher. However, there is a Kumo Twist that occurs next week. Kumo Twists are often referenced as time cycles that can create significant major/minor swing highs and lows. However, they also represent the weakest point of a Cloud.

LINK/USDT Weekly Ichimoku Chart

When price action moves through a Kumo Twist, the resulting behavior is often dramatic. It’s almost as if Kumo Twists act as a kind of accelerant or boost for price. That means that for Chainlink price, the expected behavior for price would be a robust launch higher. If bulls can perform a daily or weekly close at the $29 level, that will likely generate enough momentum to propel Chainlink price to the $35 value area.

Author

Jonathan Morgan

Jonathan Morgan

Independent Analyst

Jonathan has been working as an Independent future, forex, and cryptocurrency trader and analyst for 8 years. He also has been writing for the past 5 years.

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