Will the parabolic moonshot in Chainlink (LINK) prices reach $29 this week following the 33% jump last night?
The DeFi market cap is approaching $150 billion, currently at $144 billion. Amid the growing DeFi sector, Chainlink is one of the top performers.
With a 26% surge in the past 24 hours, Chainlink’s market cap has now surpassed a $15 billion valuation. Will this parabolic rise push the price above $30 in December? Let’s explore.
Chainlink Weekly Price Performance
On the weekly chart, Chainlink’s price action shows a breakout rally gaining momentum after a trendline breakout. Similar to a previous trendline breakout during the 2022-23 crypto winter, this current rally is accompanied by significant momentum.
Additionally, with increased buying pressure, LINK’s price trend is now marking its third consecutive bullish week. Chainlink prices have risen nearly 80% in the past 16 days.
The rally began at $13.76 and has now reached a market price of $24.81. On the weekly chart, the positive alignment of the EMA lines and the MACD indicator indicates a bullish long-term trend.
Moreover, this week’s recovery rally has surpassed the 61.80% Fibonacci level at $21.66. As a result, Chainlink’s bull run is now set to challenge the immediate resistance at the 78.60% Fibonacci level of $31.96.
Chainlink Price Analysis Targets $29.21
On the daily chart, Chainlink’s price action shows the formation of a new 52-week high following a 33% surge last night. It is currently testing the 1.272 Fibonacci level at $25.01 and facing an intraday pullback.
The 2.18% intraday pullback signals minor bullish exhaustion after the massive bullish engulfing candle. The surge in buying pressure has led to a bullish crossover between the 100-day and 200-day EMA lines.
Additionally, a bearish crossover between the MACD and signal lines has been avoided, which confirms the continuation of the bullish trend. As a result, the surge has triggered a buy signal from the technical indicators.
The daily chart analysis suggests a price target at the 1.618 Fibonacci level of $29.21. However, if the broader market loses momentum, a potential retest of the $21.71 breakout level could occur.
