LINK Price Prediction: Chainlink on course to a 40% price rally

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  • LINK price prediction shows a break out of a symmetrical triangle pattern, suggesting a 40 percent price surge.
  • At present, LINK attempts to make the $30 mark a primary support area.
  • Chainlink’s SuperTrend indicator highlights the latest buy signal, validating the current bullish prospects.
  • Failure to hold above the $25 mark might trigger a bearish trend.

LINK managed to break out of a technical formation pattern during today’s trading activities, initiating a bullish conversation among crypto enthusiasts.

LINK Price Prediction: General price overview

After hitting its most recent high of $37, LINK has been on a progressive price correction. Since hitting the $37 mark, Chainlink has recorded several higher lows and lower highs. According to careful analysis, a symmetrical triangular pattern forms whenever a trendline is drawn to connect these reaction points.

According to the trendline calculations, LINK is likely to experience a 40 percent price surge. This prediction is supported by calculating the space between the first shift high and low and adding the result to the surge point at $29.7. What we get from the calculation is a price that revolves at the $42.9 region.

LINK price movement in the past 24 hours

LINK Price Prediction: Chainlink on course to a 40% price rally 1
Source: TradingView

On Tuesday’s trading, LINK’s price appreciated by 11.5 percent in a single six-hour candlestick. The move not only surged through the upper trendline’s technical formation but also initiated the SuperTrend technical indicator to flip to indicate a buy signal.

Therefore, the number 10 cryptocurrency appears drilled for a price surge that could drive the crypto coin to appreciate its market value by about 40 percent. According to LINK’s 24-hour chart, the journey to realizing this milestone appears underway. If Chainlink manages to discover the 40 percent increment, it will record a new all-time high. Additionally, if LINK manages to close the day above the $31.1 mark, it will further validate the current bullish viewpoint and serve as an essential determinant to tomorrow’s trading activities.  

LINK 4-hour chart

LINK Price Prediction: Chainlink on course to a 40% price rally 2
Source: TradingView

According to LINK’s 4-hour chart, the Oracle token shows signs of a bullish run, following the fruition of an ascending triangle pattern. The current ascending triangle pattern is a resuming pattern that promises to result in a definite price surge. These patterns imply a consolidation period that is specified by a low trading volume before a significant breakout. Usually, an ascending triangle is formed when the x-axis (relatively equal peaks) and the consecutive increasing lows meet with the chart’s two trendlines. The absence of massive sell-offs by the whales has also assisted Chainlink in remaining bullish.

However, despite Chainlink sending bullish signals in the market, a sudden price dip that pushes LINK below the six-hour candlestick at the $25 region will cancel the crypto asset’s optimistic viewpoint. If this happens, the likely event to be witnessed would be a pile-up of selling orders that would further drag Chainlink towards lower price levels of $20 and $21 regions.

Conclusion

The current absence of selling orders and Chainlink whales currently increasing their holdings position LINK on a bullish path in the long-term. Additionally, Chainlink’s trade volume has also recorded a dip in the past two days by over 31 percent through the ongoing price correction. All these factors make Chainlink’s latest price ideal for accumulation.

As the crypto coin is primed to hit the $30 mark, traders would like to take advantage of the current price. On the contrary, Chainlink is expected to face further correction pressure.

Source: cryptopolitan.com

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