TL; DR breakdown
- The LINK price forecast shows a breakout of a symmetrical triangle pattern, which indicates a price increase of 40 percent.
- Currently, LINK is trying to make the $ 30 mark a primary area of support.
- Chainlink’s SuperTrend indicator highlights the latest buy signal and confirms the current bullish outlook.
- Failure to cross the $ 25 mark could result in a bearish trend.
LINK managed to break out of a technical formation pattern during today’s trading activity and initiate a bullish conversation among crypto enthusiasts.
LINK price forecast: general price overview
After LINK hit its recent high of $ 37, a progressive price correction was implemented. Since hitting the $ 37 mark, Chainlink has seen several higher lows and lower highs. After careful analysis, a symmetrical triangle pattern will form whenever a trend line is drawn to connect these reaction points.
According to the calculations of the trend line, LINK is likely to see a price increase of 40 percent. This prediction is aided by calculating the distance between the first shift high and low and adding the result to the rise point at $ 29.7. What we get from the calculation is a price spinning around in the $ 42.9 region.
LINK price movement in the last 24 hours
When trading on Tuesday, the price of LINK with a single six-hour candle holder rose 11.5 percent. The move not only shot through the technical formation of the upper trendline, it also prompted the SuperTrend technical indicator to indicate a buy signal.
Hence, the number 10 cryptocurrency appears to be geared towards a price surge that could cause the crypto coin to increase its market value by around 40 percent. According to LINK’s 24-hour chart, the road to realizing this milestone appears to be well underway. If Chainlink succeeds in recognizing the 40 percent increment, a new all-time high will be recorded. If LINK manages to close above the USD 31.1 level for the day, it will further confirm the current bullish position and serve as a major determinant of tomorrow’s trading activity.
LINK 4 hour chart
According to LINK’s 4-hour chart, the Oracle token is showing signs of an uptrend after an ascending triangle pattern has been realized. The current ascending triangle pattern is a resumed pattern that promises a significant price hike. These patterns imply a period of consolidation, which is specified by a small volume of trade before a significant breakout. Typically, an ascending triangle is formed when the x-axis (relatively equal peaks) and successive ascending lows meet the two trend lines on the chart. The lack of massive whale sell-offs has also helped Chainlink remain optimistic.
Although Chainlink is sending bullish signals in the market, a sudden drop in prices pushing LINK below the six-hour candlestick in the $ 25 region will ruin the crypto-asset’s bullish stance. In this case, the likely event would be an accumulation of sell orders that would further pull Chainlink towards lower price levels of the $ 20 and $ 21 regions.
The current lack of sell orders and Chainlink whales currently increasing their stocks positions LINK on a bullish path for the long term. In addition, Chainlink’s trading volume has fallen by over 31 percent in the past two days due to the ongoing price correction. All of these factors make Chainlink’s latest price great for accumulation.
With the crypto coin poised to hit the $ 30 mark, traders want to take advantage of the current price. On the contrary, it is expected that Chainlink will face further correction pressure.
Disclaimer of liability. The information provided is not trading advice. Cryptopolitan.com is not liable for investments made on the basis of the information provided on this page. We strongly recommend doing independent research and / or consulting a qualified professional before making any investment decisions.
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