Chainlink eyeing potential breakout Can LINK hit $20

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Chainlink has created a bullish setup in its native crypto LINK. The setup boasts the capability to propel LINK’s price as high as 20 dollars.

According to the latest market analysis, the recent market weakness has pushed LINK up 16% over the past six sessions. Crypto has continued to record back-toback highs, and lows.

Experts are predicting a major crypto breakout as LINK nears a tipping point. Based on the latest Chainlink forecastLINK can be purchased for 15.61 dollars this year.

However, watching how well the cryptocurrency performs right now can increase the price. LINK’s current price is 17.93 dollars. This represents a 14.27% rise in the past 24 hour. The token has grown in value by 29.10% during the past seven days.

The daily price chart of LINK suggests a powerful upward movement as soon the breakout occurs. After a multiweek consolidation, LINK’s massive pent-up buying momentum is about to be released.

The token was trading between the 11 dollar support level and 15 dollar resistance level. Chainlink’s 20-dollar mark can be reached if Chainlink successfully breaks through the 15-dollar level of resistance.

Chainlink is gaining traction in all metrics, while partnering with leading platforms to attract customers of high profile. In just one month, 8 million dollars’ worth of LINK tokens have been purchased in 2024.

The strong adoption rate by institutional investors indicates a potential upside in valuation. Chainlink is the leader in the decentralized oracle space, with its precise real-world data. The platform powers 1,000+ dApps as well as many other projects around the world.

Its native crypto LINK is therefore well-positioned to become a major player in the crypto market.

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