Price Analysis

Chainlink Price Edges Closer to $20 Breakout; What’s Next?

Under the influence of channel patterns, the Chainlink price may drive another 16% surge before hitting a major resistance.
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Chainlink Price Edges Closer to $20 Breakout; What’s Next?

Highlights

  • A rounding bottom pattern carries the long-term bullish trend in Chainlink price.
  • The support trendline of the channel pattern presents an active dip-buying opportunity for LINK's price amid major market pullbacks.
  • The intraday trading volume in the LINK coin is $578.5 Million, indicating a 31% gain.

Chainlink Price: During the recent downturn in the cryptocurrency market that saw the Bitcoin price drop to $60,000, Chainlink’s price exhibited pronounced volatility, as shown by the significant price fluctuations captured in the daily chart. This consolidation since early February reflected the clear dominance of buyers or sellers.

However, amid the current market recovery, the LINK price rebounded from the $16.25 level, sparking a fresh reversal opportunity among traders.

Also Read: LINK Leapfrogs ADA in Dev Activity, Price Rally to $25 Ahead?

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Chainlink Price Rides Steady Rally Within a Channel Pattern

Chainlink Price| Tradingview

The 2024 rally in Chainlink price can be attributed to its movement within a channel pattern, guided by two parallel trendlines. The coin price rebounded several times from this pattern’s boundaries indicating the market participants are strictly following this pattern.

From a year’s low at $12.2, the pattern has underpinned a 63% surge over three months, landing the current price at $19.98. The most recent pivot from the lower boundary on March 20th ignited a 22.8% rise in just a week. 

A continued bullish phase within this channel suggests a potential 16% climb toward an upper trendline target near $23.2. Until this pattern is intact, the Chainlink price may prolong the currency recovery trend.

An analysis of the weekly time frame chart shows the LINK price is riding an aggressive recovery amid the formation of a rounding bottom pattern. This chart pattern commonly spotted at the market bottom represents a clear shift in investors’ interest from bearish to bullish.

Under the influence of this pattern, the Chainlink coin may drive an ambitious rally to $38.

Technical Indicator

  • Exponential Moving Average: The 100-day EMA slope provides buyers with suitable support during market dips.
  • Moving Average Convergence Divergence: A bullish crossover between the MACD and signal line reflects the buying momentum is gradually returning to this asset. 
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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
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