Chainlink Looks Ready to Bounce – Is a Big Move Coming?

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In a recent analysis, van de Poppe pointed out a bullish divergence forming on the daily timeframe for the LINK/BTC pair, suggesting a potential surge in momentum that could lead to an upward breakout.

He identified the 3000 satoshi level as an initial target, representing a substantial 47% increase from current levels. "We’re likely seeing the start of a new uptrend," he commented, accompanied by a chart illustrating the crucial breakout zone currently being tested. The price chart also reveals an increase in trading volume and an improving Relative Strength Index (RSI), factors that further bolster the bullish outlook.

Currently, Chainlink is trading at $18.26, reflecting modest gains of 0.06% over the last 24 hours and 2.66% over the past week. Its market capitalization is $12.39 billion, with a daily trading volume exceeding $547 million.

LINK's relative strength could be indicative of a trend reversal, particularly as traders increasingly shift their focus to altcoins. The observed bullish divergence and the resurgence in volume could provide the necessary technical groundwork for a more significant price movement, contingent upon confirmation of the breakout.

Successful attainment of the 3000 sats level, fueled by sustained momentum, would signify one of LINK's most robust recoveries against Bitcoin in recent quarters – especially after a period of underperformance relative to other major cryptocurrencies.

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