Chainlink has experienced a bullish trend over the past few months, with a 64% increase in price since last month. The upcoming days and weeks could see the price reaching the $26.14 resistance level after breaking above the previous high and undergoing a correction.
Additionally, the price is likely to retrace back to the $18.60 support level, filling value gaps, before continuing its upward trajectory.
Looking at the Fibonacci level and identifying a bullish order block at the $18.60 level, it is expected to act as a key support level as the price moves towards the $26.14 resistance.
Chainlink fundamental analysis
While there are no significant events directly impacting Chainlink’s price, the increasing inflows into Bitcoin ETFs are boosting investor sentiment, which is anticipated to have a positive influence on the overall cryptocurrency market and altcoins, including Chainlink.
Chainlink to US dollar trade idea takeaways
LINK/USD recently closed above the previous high of $19.70.
There is potential for the price to reach the $26.14 resistance level in the near future.
Multiple take-profit levels have been established to secure profits along the way.
The risk-to-reward ratio for this trade is 1:4.2.
The entry and stop loss prices have been set at secure levels with minimal probability of being triggered.
Good luck!
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