Chainlink (LINK) Price Breaks the Descending Parallel Channel, Can LNEX Mirror LINK's Price Movement?

After recording a 30% increase in the past week, Chainlink's price has formed a bullish engulfing candlestick and broke out from its long-term descending parallel channel.

Chainlink’s price has increased by 30% in the past week, forming a bullish engulfing candlestick and breaking out from its long-term descending parallel channel.

The channel had existed since its yearly high for 238 days before this breakout. Besides this, the LINK token has moved above its $13 horizontal area, a critical support area, and a resistance zone since November 2023.

As Chainlink’s price adds significant gains to its value, many investors are jumping on this bull run. They are adding a fast-selling presale star, Lunex Network, to diversify their portfolio. The new project provides institutional-grade liquidity that is fast and effectively executed free from compromising decentralization. It goes as far as splitting a single trade across multiple blockchains to guarantee the best prices.

Lunex Network Spearheads The DEX Revolution

Lunex Network is simply more than the next run-of-the-mill decentralized exchange. It’s a non-custodial protocol integrating all major blockchains, including Bitcoin, Solana, and Tron. The project will allow traders to seamlessly swap between more than 50K assets at the lowest fee possible without any liquidity issues.

Moreover, users will not have to compromise sensitive information to use the platform, as Lunex Network doesn’t require KYC verification. All you need to do is select a crypto pair, input the address, and confirm your swap. Aside from offering a frictionless and intuitive DEX experience, Lunex Network also boasts a wide array of features that could see the LNEX price even higher in the coming months.

The token has already recorded a 115% surge to $0.0026 from a starting price of $0.0012. Moreover, the presale revenue has also hit $2.5M and is targeting the $3M mark by the end of November. Considering all that the project has to offer, users can expect a massive price surge by the time the LNEX token is launched.

Chainlink Price Breaks The Descending Parallel Channel

Amid the broader market rally, Chainlink has witnessed an uptrend that triggered a breakout from its descending parallel channel to create a bullish, engulfing candlestick. This channel has formed since its July high, approximately 238 days before the breakout. Moreover, the token has moved above the $13 horizontal area, which previously acted as a support and a resistance zone.

Notably, on-chain data validate the breakout, suggesting the movement will likely continue. Its relative strength index has moved from its bearish divergence trendline and hovers above 50. In addition, Chainlink’s moving averages convergence/divergence (MACD) has also made a bullish cross and is increasing but has not turned positive yet. The weekly time frame wave count is also positive, suggesting the LINK token has begun its new five-wave upward movement.

In this case, the altcoin is nearing the top of wave one or has already started wave two. Per the count, the movement inside the channel is a completed ABC corrective structure. However, whether the ongoing rally is part of a longer-term wave three or wave C in an ABC structure is unclear. In any case, the LINK coin may have at least the same wavelength as its previous uptrend, which could push its price to $26.14, a 100% increase from its current level.

Can LNEX Mirror LINK Price Movement?

Lunex Network is set to change the DeFi ecosystem with revolutionary cross-chain capabilities. This unique feature, backed by a revenue-sharing model, and a 115% ROI, could allow the LNEX token to emulate Chainlink’s price performance in the coming months.