Chainlink Breaks above a Bear Flag, LINK Bulls Targeting $7.5

Chainlink Breaks above a Bear Flag, LINK Bulls Targeting $7.5
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Like the rest of the crypto markets, Chainlink prices are rising with the tide. Currently, LINK prices are stable in the previous 24 hours and up seven percent in the last trading week.

From a technical perspective, buyers have the upper hand, and prices appear to be bottoming up, breaking above an ascending wedge, that is, the bear flag. However, for continuity and trend shift, there must be confirmation of weekend gains.

Any break above $6.8, ideally with expanding trading volumes, may see LINK soar to the early June 2022 trade range, a relief for traders and coin HODLers who have had to contend with double-digit losses from April 2022 highs.

Chainlink 2.0: Staking and Proof-of-Reserves

Chainlink has so far released its Chainlink 2.0 roadmap that includes coin staking. This feature will likely draw more investors searching for passive income and supporting prices.

According to Chainlink, the recently released roadmap would also usher in a new era of sustainability and long-term security for its oracle network. Additionally, by coupling with a Proof-of-Reserve consensus system, there will be real-time auditing of staked LINK, leading to more transparency.

Thus far, Chainlink has distinguished itself as a reliable decentralized oracle network that can protect partner protocols against several attack vectors, including Flash Loan attacks. By staking, the Chainlink system nodes will be incentivized to provide reliable data and guarantee consistency in the quality of data submitted.

Chainlink Technical Analysis

chainlink price

Chainlink prices are steady at spot rates and up seven percent in the last trading week, finding encouraging support at $5.5.

The recovery from the support line from late June has been with rising trading volumes and boxing prices within the rising wedge.

Technically, this is bullish and may signal possible expansion in the sessions ahead. Thus far, there are hints of strength.

Any confirmations of July 16 gains above $6.8 with higher trading volumes may see Chainlink soar to $7.5 and later June 2022 highs in a break-out formation.

Risk-on traders can wait for gains above $6.8 before loading the dips with immediate targets at $7.5. If not, losses below $6, driving Chainlink back to the bear flag, may slow down bulls and cap upside momentum.

Technical charts courtesy of Trading View

Disclaimer: Opinions expressed are not investment advice. Do your research.

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