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?
Chainlink Price Rides Steady Rally Within a Channel Pattern
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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