Chainlink rocket at the Launchpad, ready for the ultimate liftoff to $20
- Chainlink consolidation is likely to extend before a majestic breakout to $20.
- The hypotenuse of the ascending triangle must hold for the bullish outlook to materialize.
Chainlink recovered significantly from the support at $7.5, established in September. The buyer congestion zone came in handy following extended declines from the resistance from the yearly peak at $20. A lower low pattern supported LINK/USD’s uptrend, however, the upside has been limited under $14 for three months.
In the meantime, LINK/USD is doddering at $12.7 amid a sideways trading action. The Relative Strength Index adds weight to the motionless trading after hitting a wall at 64. A building bearish momentum is adding pressure to the short term support presented by the 100-day Simple Moving Average. On the other hand, low trading volume in the market suggests that price action will be limited in the near term.
LINK/USD price chart
LINK is also trading within the confines of an ascending triangle pattern. This pattern forms an integral part of technical analysis. Breakouts can take place above the x-axis or below the hypotenuse. If ADA builds upon the short term support at the 100 SMA, buying pressure could rise, which will increase the tailwind’s intensity.
A spike past the x-axis may culminate in massive price action, targeting $20. For this narrative to hold, the hypotenuse support must remain intact. Otherwise, losses might also come into the picture. Traders must keep in mind other critical demand areas such as the 50-day SMA (likely to stop losses beneath $10), and the 200-day SMA, in line to offer support above $8.
Chainlink intraday levels
Spot rate: $12.7
Relative change: -0.0054
Percentage change: -0.01%
Trend: Short term sideways trading
Volatility: Low
- ETH Treasury Firm SharpLink to Tokenize SBET Stock on Ethereum
- First Ethereum Staking ETF Begins Trading, Boosting ETH Demand
- Ethereum in a Bear Market, Peter Schiff Warns as ETH Slides Below $4K
- Trump Considers Jill Sommers and Kyle Hauptman for CFTC Chair Role
- Fed’s Stephen Miran Calls for Series of 50‑bps Rate Cuts After FOMC Dissent
- Bitcoin Price: Analyst Predicts Crash to $104K Before Explosive Rally on Fed Cut Pattern
- HBAR Price Elliot Wave Signals an 86% Rebound as Key Risks Remain
- Will Pi Coin Price Recover Before Month-End After Payochain Listing?
- Chainlink Price Prediction as Whales Buy 800K LINK — Can the Demand Zone Launch a Recovery?
- XRP Price Set for Parabolic Rally as XRPR ETF Pulls $30M in 3 Days
- Cardano (ADA) Price Eyes 50% Rally as Foundation Backs Stablecoin Liquidity With 8-Figure ADA
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
