Chainlink: Is the oracle protocol poised for a price breakout?

• Chainlink is currently bucking the stalemate in the crypto market. With a 34 percent price increase over the last 30 trading days, Chainlink (LINK) is one of the biggest gainers among the top 100 cryptocurrencies.
• In the last 24 trading hours, the Oracle Protocol is also one of the top performers, with a five percent increase in value.
• Since the crypto project announced a LINK treasury on August 7, whales have increasingly invested in the altcoin.
• The recent cooperation with the Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, will bring real-time foreign exchange and precious metal prices on-chain.
• At $26.89, the LINK price reached its highest level since January 25th by midweek, approaching its annual high.
• The consistent development and integration of blockchain with the traditional financial market allows investors to speculate on higher prices.
• If Chainlink can continue to move north in the short term and break through the yearly high of $27.24, a trend continuation towards the previous year's high from December 2024 at $30.92 can be expected.
• If there is no sustained trend reversal to the south in this area and the zone between $30.52 and $30.92 is subsequently overcome sustainably, the zone around the all-time highs from September and November 2021 will come into focus.
• The zone between $34.70 and $35.49 could not be overcome several times in autumn 2021 and therefore represents a key resistance area.
• Only if the bulls succeed in pulverizing this resistance zone in the medium term would a breakthrough to the maximum price target of $41.79 be conceivable.
• However, if the LINK price fails to break above the yearly high again in the coming days and reverses, a retest of the support area between $22.93 and $22.37 should be expected. This is where the bulls could attempt to stabilize Chainlink and send it north again.
• Should this zone be abandoned in the wake of continued overall market weakness, a fall back to the previous month's high between $19.79 and $19.30 would be likely. The $20 zone has served as a pivot point several times in the past.
• If, contrary to expectations, the price cannot stabilize here either, the correction is likely to extend to the breakout level of August 7 at 17.25 US dollars.
• This would also no longer rule out the possibility of a consistency test of the monthly low at $15.48. From a technical perspective, this price level represents the maximum bearish target on the downside.

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source

LINK/USDT on Tradingview