With remarkable growth in recent weeks, the LINK price has increased by 22%, leading to a sharp reversal. Moreover, the uptrend in Chainlink’s price challenges the 50-week EMA, teasing a potential breakout.
In addition to the EMA breakout, the uptrend also displays a possibility of a long-term consolidation breakout
Despite the volatility in the daily chart, the LINK price action forms a channel pattern in the weekly chart. This represents a consolidating sideways trend in the bigger picture. However, the reversal chances exist as long as the uptrend remains below the overhead trendline.
Currently, the LINK coin price trades at $7.49, with a growth of 7.43% in the last 24 hours, leading to a bullish engulfing candle. Therefore, the overall trend momentum and the market sentiment are extremely bullish.
In like fashion, the daily chart remains bullish and shows the LINK price forming a rounding bottom pattern. In addition to the bullish pattern, the uptrend increases the golden crossover chances.
Technical indicators:
RSI indicator: The RSI indicator approaches the overbought boundary and reflects a sharp increase in bullish momentum.
MACD indicator: The MACD and signal lines continue to move in a positive trajectory with the rising histograms.
Will LINK Price Cross $10?
Forming a rounding bottom to tease the channel breakout, the future LINK price trend maintains an optimistic viewpoint. The trendline breakout, or the $7.79 breakout, will unleash the high momentum rally in Chainlink’s price.
The breakout rally in LINK price can reach the 200-week EMA at $9.065. However, the year-long range breakout will display more impressive bullish maneuvers. Therefore, it is possible for the altcoin price to reach $12.75.
On the flip side, a rejection at the trendline can nullify the bullish framework and restart the bearish cycle within the range. Potentially, the downtrend can reach the $5.66 mark upon a $5.85 breakdown.
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- Source: https://coinpedia.org/price-analysis/link-price-analysis-is-link-ready-for-a-year-long-breakout/
