Bitcoin Could Reach $108,000 To $155,000 By 2024 End, Analyst Reveals Why

An analyst has explained why Bitcoin could end the year 2024 inside the $108,000 to $155,000 range if history repeats for the asset. Bitcoin Performance Has Been Similar To Last Two Cycles So Far In a new post on X, analyst James Van Straten has discussed about the BTC price performance from the cycle low chart for the last couple of cycles. As its name suggests, this chart captures the price trend between successive cyclical lows. For the latest cycle, the start-point is naturally the bottom that was observed shortly following the collapse of the cryptocurrency exchange FTX back in late 2022. Related Reading: Bitcoin Hype Remains Low Even After $63,000 Surge: Green Sign For Rally? Below is the chart shared by Van Straten, which shows how this most recent cycle has stacked against the last two so far: As is visible, the asset’s recent price performance has been remarkably similar to that witnessed in the past two cycles at the same stage. “Out of all the graphs, TA etc, Bitcoin from the cycle low continues to be the most valid,” notes the analyst. Given the similarity so far, it’s possible that the coin’s trajectory in the current cycle may continue to mimic that of the last two. Van Straten has pointed out that both these cycles finished September higher. Not just that, this is also the point at which the two began a long-lasting surge that culminated into the bull run highs. Thus, it’s possible that Bitcoin may also surge from here, if the current cycle continues to follow the last two. “If BTC were to finish EOY between the two previous cycles, which it has done for most of the current cycle, we would be looking at 108k-155k,” explains the analyst. From the latest Bitcoin price, a rally to the lower end of this range, $108,000, would mean an increase of around 70%, while that to the $155,000 upper level would suggest growth of more than 144%. Related Reading: These Altcoins Are Seeing High Whale Interest After Fed Rate Cut As always with patterns that depend on history, though, it’s not necessary that BTC would show a rally in this range to end the year. Nonetheless, the analyst says, “if we don’t get a recession, this is entirely possible.” In some other news, as market intelligence platform IntoTheBlock has pointed out in an X post, Tether’s stablecoin, USDT, has reached a new high in its supply recently. As displayed in the above graph, the the USDT market cap has witnessed some sharp growth recently. With the metric’s value now nearly at $120 billion, Tether’s token has left the other stablecoins way behind. The inflows into the stablecoin can actually be relevant to Bitcoin, as capital from USDT generally tends to find its way into the original cryptocurrency. Thus, the growth to a new record suggests the investors potentially have more dry powder available to buy BTC with than ever before. BTC Price Bitcoin has gone stale after its recent recovery as its price is still trading around the $63,600 mark. Featured image from Dall-E, IntoTheBlock.com, Glassnode.com, chart from TradingView.com

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Bitcoin Breaks $64,000, But This Pattern Could Mean Bull Run Isnt Safe

On-chain data shows the Bitcoin Supply in Profit indicator has been forming a pattern recently that could put the bull run into jeopardy. Bitcoin Supply In Profit Has Seen Multiple Dips Into “Transition” Zone Recently As an analyst in a CryptoQuant Quicktake post explained, the recent “Supply in Profit” trend could suggest a potential entry into [...]

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Solana Mirroring 2021 Bullish Pattern, Crypto Analyst Reveals

An analyst has explained how Solana (SOL) is currently mirroring the same pattern that led to a bullish breakout for its price back in 2021. Solana Appears To Be Showing Similar Trend To 2021 Right Now In a new post on X, analyst Ali Martinez has discussed about how the pattern recently forming in SOL has been reminiscent of what the cryptocurrency showed back in the July of three years ago. Related Reading: Bitcoin MVRV Ratio At Make-Or-Break Test: Will Support Hold? Below is the chart shared by the analyst, that highlights the similarity between the two periods: As is visible in the graph, the Solana 3-day price has so far shown a trajectory that has been similar to the one in 2021. Not only that, the current Relative Strength Index (RSI) is also at around the same level as the one back then. The RSI refers to an indicator in technical analysis (TA) that basically measures the speed as well as the magnitude of the recent changes occurring in SOL’s price. This momentum indicator is generally used for determining whether the asset’s price is fair or not. When the indicator has a value greater than 70, it’s a potential sign that the cryptocurrency is becoming overvalued as its price is growing too quickly. As such, corrections can become more likely in this region. On the other hand, the metric being under 30 implies a possible oversold condition is forming in the asset, meaning that a bottom could be probable to form in its price. From the chart, it’s visible that the RSI is at around 40 for Solana currently, suggesting that the asset is slightly leaning towards being undervalued. Interestingly, back in 2021, this same RSI level led to a big bullish breakout for the cryptocurrency. Given that the coin’s price has shown a similar trajectory as back then, and its RSI has also been pretty much the same, it’s possible that another surge might start for Solana from here. It now remains to be seen if past pattern will repeat for the asset or if it will follow a new path entirely. Related Reading: Bitcoin Extreme Greed Is Almost Here: Price Bottom Now Close? In some other news, a SOL whale made a massive move on the blockchain just a couple of days ago, according to data from the cryptocurrency transaction tracker service Whale Alert. The move, which involved the transfer of 287,019 SOL (equivalent to over $40.3 million at the time the transaction was executed), travelled from an unknown wallet, likely to be the whale’s personal address, to an exchange: Binance. Thus, given the direction, it’s possible that this humongous holder had made the deposit for selling purposes. Soon after the move had come, the asset’s price had seen a dip towards the $128 mark, suggesting that the whale had played a role or had at least anticipated the drop. Whatever the case be, though, Solana has already made recovery from the drawdown. SOL Price At the time of writing, Solana is trading around $141, down more than 8% over the past week. Featured image from Shutterstock.com, whale-alert.io, charts from TradingView.com

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Bitcoin Now Forming Pattern That Last Led To It Blasting Off

On-chain data shows that Bitcoin is forming a pattern in its Total Amount of Holders, which last proved bullish for the cryptocurrency. Bitcoin Has Seen A Fall In Its Total Number of Holders Recently According to data from the on-chain analytics firm Santiment, BTC investors have been liquidating their wallets amid the recent bearish wave in [...]

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Bitcoin forming massive bullish wedge pattern as trader eyes $85K

Bitcoins bullish pattern on the chart is signaling to crypto traders a potential 25% price increase from its current level.

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Elon Musks X could face $200M EU fines over alleged DSA violations: Law Decoded

Elon Musks social media platform, X, is under scrutiny for alleged DSA violations, with potential fines reaching $200 million.

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Crypto Analyst Predicts Cardano (ADA) Surge to $0.80 Despite Bearish Sentiment

Cardano (ADA) is poised for significant upward momentum, capturing the interest of both analysts and investors. As of the latest update, the price of Cardano stands at $0.439435, with a strong 24-hour trading volume of $424.58 million and a market capitalization of $15.68 billion. In the past 24 hours alone, the price of ADA has […]

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Notcoin (NOT) Develops Falling Wedge Triangle: Rally Looms?

Notcoin (NOT), a relatively new entrant in the cryptocurrency market, has recently formed a falling wedge pattern on its price chart. This technical formation is characterized by converging trendlines that slope downwards, signaling a potential bullish reversal. Typically, a falling wedge pattern occurs after a prolonged downtrend, indicating that the asset’s price is likely to break out to the upside. The emergence of this pattern in Notcoin’s chart is drawing attention from traders and investors who are keen to understand its implications for future price movements. A confirmed breakout from the falling wedge could signal the end of Notcoin’s downtrend and the beginning of a new upward trajectory. However, it is essential to consider other market factors and indicators to gauge the strength and sustainability of such a reversal. This market outlook aims to explore the potential scenarios for Notcoin following the formation of the falling wedge pattern, providing insights into what traders and investors might expect in the near future. Analyzing Market Outlook For Notcoin On The 4-Hour And 1-Day Chart As of right now, the price of Notcoin is currently trading above the 100-day Simple Moving Average (SMA) on the 4-hour chart and is moving within the triangle, suggesting that the wedge might continue for a while before there is a potential break out. Confirming the above claim, the RSI line in the 4-hour RSI indicator has dropped below 50%, suggesting that sellers are still active in the market and that the asset will remain active within the triangle for a while. Meanwhile, in the 1-Day timeframe,  it can be observed that Notcoin’s price is attempting a retest after a successful breakout above the upper base of the wedge. This means that Notcoin might go bullish after the retest. Also, the 1-Day RSI confirms this retest as the RSI line is seen dropping down from the overbought session toward the 50% level. Price Implication In The Event Of A Breakout In the event of a successful break above the wedge, Notcoin will begin to move upward toward the $0.029405 resistance level. If it breaks above this level, it will move higher to create a new high. However, if Notcoin’s price decides to do the usual and break below the wedge, it will start to descend in the direction of the $0.011381 support level. The price may move much farther to test the $0.007953 level and possibly other levels on the chart if it breaks below this support level. NOT‘s price was down by -1.13% as of the time of writing, trading at approximately $0.019, with a market capitalization of over $1.9 billion and a 24-hour trading volume of over $818 million. Featured image from Binance, chart from Tradingview.com

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Solana Eyes $178 Breakout as Bullish Triangle and Trendline Support Signal Major Rally

Solana (SOL) continues to rise after breaking through a major resistance level and indicating strength within its existing uptrend. A formation of an ascending triangle pattern, which tends to be a positive indicator, reinforces the positive outlook. Traders and long-term investors are both watching intently in hopes of the potential for a long-term rally. If […]

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Bitcoin will propel the next leg up if key trading pattern confirms Traders

The inverse head-and-shoulders pattern forming would make sense if Bitcoin doesnt break straight through $67,500, according to a crypto trader.

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BNB Price Prediction: Triangle Pattern Signals Potential Towards $644

Binance Coin (BNB) is again in the limelight as bullish pressure propels its price. Increased buying pressure and renewed investors’ faith are driving the surge. The MACD is moving upwards, indicating chances of further upward trends. With rising interests of traders and investors, BNBs surge in prices is gaining the markets attention, and now traders […]

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Bitcoin Realized Volatility Showing Very Rare Trend: What Could Be Next

Data shows that the Bitcoin Realized Volatility metric has fallen to historically low levels. What generally happens after this pattern forms? Bitcoin Realized Volatility Has Decline To Extreme Lows Recently In a post on X, CryptoQuant author Axel Adler Jr has discussed about the latest trend taking place in the Realized Volatility of Bitcoin. The Realized Volatility here refers to an indicator that basically tells us about how volatile a given asset has been based on its price returns within a specified window. When the value of this metric is high, it means that the asset in question has experienced a large number of fluctuations during the period. On the other hand, the low indicator implies that the price action has been stale for the commodity. Related Reading: Ethereum Investors Take On Sky-High Leverage: Brace For Volatile Storm? Now, here is a chart that shows the trend in the 1-week Realized Volatility for Bitcoin over the last few years: As displayed in the above graph, the 1-week Bitcoin Realized Volatility has declined to pretty low levels of around 7% recently. This is so extreme that only ten other instances in the past six years have seen the metric go similarly low. This means that the cryptocurrency’s recent consolidation has been amongst the tightest in its history; as for what this trend in the indicator could mean for the cryptocurrency, perhaps past patterns could provide some hints. An inspection of the chart reveals that such stale price action in the asset has generally unwound with a burst of sharp volatility. The latest instance occurred right before the rally towards the new all-time high (ATH). Given this pattern, it’s possible that the recent BTC consolidation could also lead to another sharp move for the cryptocurrency. Something to note, however, is that the volatility emerging out of lows in the Realized Volatility has historically gone either way, implying that the price move emerging out of this tight range could very well be a crash. It remains to be seen how the Bitcoin price will develop from here on out, given the historically stale action it has witnessed over the past week. In other news, as Axel pointed out in another X post, the recent movement from the bankrupt exchange Mt. Gox has meant that many on-chain indicators have shown false signals. The analyst has cited the Bitcoin Adjusted Spent Output Profit Ratio (aSOPR) chart as an example. The aSOPR keeps track of the net profit or loss investors across the network realize. As the Mt. Gox BTC had been sitting still in wallets for quite a long time, it’s not surprising that its movement has “realized” a large amount of profit. Related Reading: This Bitcoin Metric Is One Of Cryptos Top Leading Indicators: Santiment Of course, this spike in the indicator isn’t actually a sign of profit-taking, so it’s not a signal that would impact the market. BTC Price Bitcoin has declined over the past day as its price is now down to $66,800. Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com

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Stellar (XLM) Technical Analysis: Calm Before the Breakout Toward $0.35$0.45

Stellar (XLM) market has shown notable signs of stability over recent weeks, with the cryptocurrency trading around the $0.27 mark as of May 3, 2025. After a long period of gradual decline from its December peak, where XLM touched highs near $0.63, the market now appears to be finding its footing. XLM Calm Before the […]

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Altcoin Season Soon? Quant Says This Ethereum Pattern Could Suggest So

A quant has explained how a pattern currently forming in the Ethereum Open Interest could imply the altcoin season is coming “sooner than expected.” Altcoin Season May Be Approaching Soon Based On Ethereum Pattern In a CryptoQuant Quicktake post, an analyst has discussed about why an altcoin season may be coming soon for the cryptocurrency sector, based on a trend taking place in a couple of Ethereum and Bitcoin indicators. The first metric of relevance here is the “Open Interest,” which keeps track of the total amount of derivatives positions related to a given asset currently open on all centralized exchanges. Related Reading: Shiba Inu One Of The Most-Traded Tokens By Whales, Data Shows When the value of this metric goes up, it means the speculators are opening up fresh positions for the coin right now. On the other hand, a decline implies the users are either closing up their positions of their own volition or getting forcibly liquidated by their platform. Now, here is a chart that shows how the trend in the Open Interest has compared between Bitcoin and Ethereum over the past year: As displayed in the above graph, the Bitcoin Open Interest has been moving more or less sideways recently, while at the same time, the metric has registered growth for Ethereum. This would suggest that ETH has been seeing more appetite for derivatives market contracts than the original cryptocurrency recently. One of the driving factors behind this could be the news cycle related to the approval of the spot exchange-traded funds (ETFs) for the asset. In the same chart, the quant has also attached the data for another indicator: the Estimated Leverage Ratio (ELR). This metric measures the ratio between the Open Interest and the Exchange Reserve for any asset. The latter is naturally the total amount of the coin that’s currently sitting in the wallets of all centralized exchanges. The ELR basically provides us with information about the amount of leverage that the average user in the derivatives market is opting for right now. From the graph, it’s visible that this ratio has seen a surge for Ethereum recently but has been showing flat action for Bitcoin. Thus, it would appear that not only has ETH been seeing more speculative interest than BTC recently, but also these users opening contracts are going for higher risk as they are taking on more leverage. Related Reading: Analyst Says Only A Matter Of Time Before Bitcoin Flies Past ATH The analyst believes that the fact that Ethereum has overtaken Bitcoin in these indicators could be a potential sign that an altcoin season may be approaching soon. “If Ethereums price continues to consolidate in the current range, its very possible that the altcoin season will start sooner than expected,” notes the quant. It now remains to be seen how things play out in the market in the near future, given this shift of trend. ETH Price After seeing a slowdown earlier, Ethereum has been back on track in the past couple of days as its price has now climbed back above the $3,900 level. Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com

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Cardano (ADA) Price Analysis: Analyst Predicts Potential Drop Before Bullish Rebound

Renowned crypto analyst Alan Santana has provided a detailed analysis of Cardano (ADA) price movement, forecasting a significant drop before a potential bullish surge. According to Santana, the ADA/USDT pair, which has been a staple for many traders over the years, could see a notable decrease in value before rebounding. Critical Levels Identified for ADA: […]

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Dogecoin Breaks Bullish Pattern, Targets Strong Rally Toward $0.31

According to the crypto analyst ALI, Dogecoin ($DOGE) appears to be emerging from a consolidation phase with strong upward potential. The chart illustrates a well-defined bull pennant, a pattern recognized for its reliability in forecasting bullish continuations. As the breakout surpasses the upper resistance of the pennant, traders and analysts are closely eyeing a projected […]

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Ethereum Rally Looms: Analyst Predicts ETHs Next Stop Is $5,300

Titan of Crypto, a well-known cryptocurrency trader and expert, in a daring prediction that has drawn the attention of the crypto community, forecasting an impending significant rally for Ethereum (ETH) to unprecedented heights while putting his next price target for the crypto asset at the pivotal $5,300 level. The analyst’s prognosis indicates that Ethereum, fueled by favorable market circumstances and rising investors’ confidence, is poised for massive gains. This forecast comes at the heel of ETH’s recent robust price performance and increasing market optimism. Ethereum Path To Massive Rally In February, Titan of Crypto hinted at the formation of a Bullish Cypher Pattern on Ethereum‘s weekly chart. “Just like for Bitcoin, a bullish cypher pattern is currently playing out on ETH weekly chart as well,” he stated. Related Reading: Ethereum Price Rally: Far from Over, More Gains Ahead! Due to this, the expert pointed out several targets for the asset to reach in the near term, such as $2,410, $2,881, $3,353, and $4,024, indicating a 38.20%, 50.00%, 61.80%, 78.60% upswingm respectively, from the current price then. Earlier this month, Titan of Crypto noted that the bullish cypher pattern has successfully developed, and the aforementioned price targets have all been achieved, suggesting a substantial rally is on the horizon. At that time, the crypto expert underscored that ETH was at the 38.2% Fibonacci retracement level, which he also dubbed the 1st stop ($2,880). Should the coin manage to sustain this level, Titan of Crypto anticipates a move on the upside from the level. However, today, as predicted by the expert, Ethereum performed a flawless recovery from the 1st stop ($2,880) point. As a result, the crypto asset is currently forming a bull flag pattern on the weekly timeframe, citing $5,300 as the next price target for ETH to reach.  However, this is not the final destination, suggesting the potential for Ethereum to surge even higher in the upcoming months. With ETH displaying strong price performance, it could mean that the Altcoin season could be coming into play in the near future. Indicator That Suggests A Price Correction On The Downside Although Titan of Crypto anticipates a massive rally for ETH, Ali Martinez has underlined the potential for the asset to decline soon.  According to Ali Martinez, the TD Sequential indicator on Ethereum’s 4-hour timeframe on May 15, previously displayed a promising buy signal. This development practically led to a 32% rise in the price of Ethereum. Related Reading: Expert Sets Timeline For When Ethereum Price Will Begin Rally To $10,000 However, now that the ETH Spot Exchange-Traded Funds (ETFs) are generating so much buzz, the indicator has transitioned to a sell signal. Consequently, Ali Martinez predicts a downward correction of one to four candlesticks. At the time of writing, ETH had increased by over 28% in the past week, trading at around $3,728. Despite the recent price momentum, the asset’s market cap and trading volume are down by 1.56% and 28%, respectively. Featured image from iStock, chart from Tradingview.com

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Is The XRP Price Mirroring The 2017 Rally? Analyst Points Out Similarities

Crypto analyst Galaxy has drawn similarities between the current XRP price action and the 2017 bull run, when the altcoin recorded significant gains. He predicts the altcoin could soon rally to double digits, mirroring the 2017 rally.  XRP Price To Rally To Double Digits As It Mirrors 2017 Rally In an X post, Galaxy indicated that the XRP price could rally to double digits as it mirrors the 2017 rally. He stated that XRP is almost perfectly following the breakout pattern of 2017 after 6 years of consolidation. The analyst added that the longer the consolidation, the bigger the price move.  Related Reading: XRP Reaching Oversold Levels As Net Flows Turn Negative, Whats Next? His accompanying chart showed that the XRP price could rally to almost $40 on this breakout. The analyst seems convinced that the altcoin could witness such a parabolic move, considering that XRP surged by 61,000% in 280 days in 2017. The chart also showed that the altcoin will likely reach this target sometime next year.  Crypto analyst Egrag Crypto has also stated that he expects the XRP price to reach between $27 and $33 in this market cycle. He believes that a repeat of the 2017 historical performance makes these price targets achievable for the altcoin. The analyst has also alluded to factors such as the XRP ETFs and Ripples expansion as factors that could drive this price surge.  Meanwhile, crypto veteran Raoul Pal also affirmed that the XRP price has enough room to rally to the upside from its current level. He highlighted a bull flag that had formed for the altcoin, following its consolidation phase after last years rally. The veteran expects XRP to witness a bullish continuation after this consolidation phase, possibly rallying to as high as $5. This would mark a new all-time high (ATH) for the token.  The Altcoin In A Bullish Phase Crypto analyst CobraVanguard asserted that the XRP price is in a bullish phase, while highlighting a falling wedge pattern that was forming for the altcoin. He remarked that this pattern indicates the altcoins potential to reach $3. However, the analyst warned that this setup could be invalidated if the wedge pattern is broken downwards with the strength of bearish candles. Related Reading: XRP Price Explosion To $5.9: Current Consolidation Wont Stop XRP From Growing  Meanwhile, crypto analyst Dark Defender noted that the XRP price is currently in Wave B of its Wave 2 corrective move. He predicts that the altcoin could rally to its current all-time high once the B and C waves are completed in this corrective wave. The analyst is also confident that the altcoin can rally to double digits in the long term. He once predicted that the altcoin could reach $18 based on his Elliott Wave Theory analysis.  At the time of writing, the XRP price is trading at around $2.38, up in the last 24 hours, according to data from CoinMarketCap. Featured image from iStock, chart from Tradingview.com

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Shiba Inu Breaks Out Of Bull Flag Pattern-Like, Signaling Uptrend

In a noteworthy development for Shiba Inu investors and traders, well-known cryptocurrency analyst and enthusiast Javon Marks has verified SHIB’s break out from the Bull Flag pattern, an indicator that typically signals the start of an upward price movement. Shiba Inu Breakout To Trigger A Continuation 210% Price Increase Mark’s emphasis delves into the current bullish momentum surrounding Shiba Inu, which has caused traders and investors in the meme coin market to feel optimistic once again, indicating that the crypto asset could be positioned for more gains. Related Reading: If This Happens, Shiba Inu Price Could Double Soon According to the expert, SHIB has now exited a smaller Bull Flag-like pattern, and it is currently holding above it. This breakout appears to be significant as Javon Marks noted that it could start another major wave in an already enormous run on the upside. Specifically, this lesser break can trigger a continuation in an over 210% (3X) run to $0.000081 from the $0.0000254 level, provided that the larger breakout also holds. In addition, should Shiba Inu surpass the $0.000081 level, it might be poised for an additional 90% increase to the $0.0001553 mark. The post read: With a larger breakout also holding, this smaller break can initiate a continuation in an over 210% run to the $0.000081 target which is more than 3X from here. A break above $0.000081 and SHIB may just be set for another +90% move to $0.0001553. The analyst further drew attention to his previous forecasts, in which he predicted a run to the $0.000081 price level. He previously noted that Shiba Inu has made a strong comeback and appears to be primed for yet another huge surge towards the $0.000081 target. Thus, given the progressive breakout from the resisting trend, another 141% upside move to hit the aforementioned price target may not be far off. Also, following price declines, SHIB will garner strength to reach the level and move even higher to $0.0001553. Pullbacks To Buttress The Move Javon Mark affirms that since SHIB’s break out from the resisting trend, it has increased by over 129%, suggesting that a run is well within reach. At this point, Marks claims that as long as current prices maintain their breakout, pullbacks might only enhance these prices. Additionally, an extra 252% price increase toward $0.000081 will be aided by these pullbacks. Related Reading: Shiba Inu Price Makes Decisive Move: Is Now The Ideal Time To Buy? It is important to note that the analyst’s prediction began when SHIB ended a 441-day downtrend in September last year. Given the significance of the development, Marks believed SHIB was about to surge, putting his target at $0.000081, a 975% rise from $0.0000074. As of the time of writing, Shiba Inu was trading at $0.0000257, demonstrating over 6% growth in the past day. Both its market cap and trading volume have also attracted significant gains of about 6.83% and 147%, respectively. Featured image from Shutterstock, chart from Tradingview.com

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Chainlink In Rally Mode: Rising Channel Formation Signals Continued Climb

Chainlink (LINK) is showing renewed strength as its price moves higher within a well-defined rising channel pattern. After a period of consolidation, LINK has entered a rally mode, forming the channel, a classic signal of sustained upward movement. This technical setup suggests that the bulls are firmly in control, and unless a major shift in sentiment occurs, the uptrend could continue in the short to mid-term. Chainlink Breaks Above 200 MA: Bullish Momentum Builds On M30 In an X post, crypto analyst Thomas Anderson highlighted that Chainlink is exhibiting notable bullish momentum on the 30-minute (M30) timeframe. According to Anderson, LINK has successfully broken above the 200-day moving average (marked in red on the chart), a significant technical milestone that often signals a shift in market sentiment. At the time of his post, LINK was trading around $15.560 and was actively forming an ascending channel,  a bullish price pattern characterized by consistently higher lows and higher highs. Related Reading: Chainlink Holds Strong At $15.29 Support Is A New Breakout Imminent? Anderson noted that the current price structure reflects sustained buying interest, with the Relative Strength Index (RSI) sitting comfortably at 64.23 just below overbought territory, indicating healthy momentum. Additionally, the MACD (Moving Average Convergence Divergence) indicator is in positive territory, further reinforcing the strength of the ongoing uptrend. However, he cautioned traders to remain vigilant as the price approaches the upper boundary of the ascending channel. This zone could act as a short-term resistance level, triggering a pullback or consolidation phase before further upside. Overall, the outlook for Chainlink on the M30 chart remains bullish. LINK Flips Bearish Structure On Daily Timeframe A crypto analyst @Whales_Crypto_Trading shared a bullish outlook on LINK, noting that the asset is currently breaking out of a descending channel on the daily timeframe. This long-standing pattern had previously kept LINK locked in a downward trajectory, but the recent price action suggests that momentum is shifting in favor of the bulls. A breakout from this structure is typically seen as a strong technical signal, indicating the potential for a significant trend reversal. Related Reading: Chainlink Flashes Daily Buy Signal Breakout Next? According to the analyst, a complete descending channel pattern suggests that Chainlink is no longer confined in a bearish trend and may now be positioned for a substantial upside move. With market sentiment showing early signs of turning positive, the breakout could mark the beginning of a new bullish phase for LINK, supported by improved technical indicators and increasing volume. He concluded by stating that this breakout sets the stage for a massive rally, with $28 identified as the next major target. Reaching this level would represent a strong recovery and a clear signal that bulls have regained control.  Featured image from Freepik, chart from Tradingview.com

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