Chainlink Technical Analysis: LINK/USD Bullish Pennant Pattern Breakout Eyes $20

By John Isige
August 26, 2020 Updated August 26, 2020
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  • Chainlink recovers after testing support at $13.50; the short term target is to step above $15.00.
  • LINK/USD ongoing recovery is supported by the RSI as it reverses the trend upwards from the midline.

Chainlink has in the past several days suffered against the strengthening arms of the bears. The altcoin has been arguably one of the best-performing cryptocurrencies in the market not only in August but since January.

After opening the trading on January 1 around $1.78, LINK has been consistent and aggressive. Multiple barriers have been shattered at $5.00, $7.50, $10.00 and $15.00. In August, Chainlink pulled up to new all-time highs at $20.

Besides, the growth of the value of the token, Chainlink has also grown as a cryptocurrency to become the fifth largest in the market. According to CoinMarketCap, Chainlink has a market cap of $5.119 billion in comparison to Bitcoin Cash’s $5.113. It is evident that, the battle for the fifth spot between LINK and BCH is not stopping anytime soon.

Related reading: Chainlink Technical Analysis: LINK/USD Tumbles To $15 After Forceful Rejection From $20

LINK/USD daily chart

LINK/USD price chart
LINK/USD price chart by Tradingview

In the meantime, LINK/USD is trading at $11.84 following a recovery from the support at $13.50. Farther down, LINK already confirmed support at $12.86. The short term target is to clear the resistance at $15.00. This will set the pace for another possible breakout above a bullish pennant pattern as seen on the chart.

If this breakout comes into the picture, we can expect LINK bulls to renew the moment consistently towards $20.00. They must, however, keep the resistance at $18.000 in their mind because if not overcome, the journey to $20.00 will encounter delays. For now, stepping above $250 is key to the ongoing bullish momentum.

LINK/USD Intraday Levels

Spot rate: $14.73

Percentage change: 4.47%

Relative change: 0.611

Trend: Bullish

Volatility: Expanding

Read also: Bitcoin Technical Analysis: BTC/USD Plummets To $11,100, Is This The End Of The Rally?

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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