LINK is Ready to Breakout

On a one-day timeframe, it’s crystal clear that the price of Chainlink’s LINK has been consolidating for a whole year after a volatile 2022, and a price breakout seems more imminent than ever.

The current price of LINK of $7.782 is above the 200 Day Moving Average (200MA), which currently serves as a support zone for the technical side of the coin. LINK has been in a prolonged accumulation phase, seemingly suggesting that if a bullish outbreak occurs, it can be a sharp one.

As a first potential target, LINK may hit the $18 mark. The team of LINK has recently announced their co-operation plans with Akron Finance to revolutionize decentralized finance (DeFi), so it’s looking quite bright for Chainlink’s token.

Yet, crypto traders must, like always, keep an eye out for any developments surrounding the father of all coins, Bitcoin (BTC), as they typically set the tone for the trend direction for the majority of cryptocurrencies.