- Chainlink price prediction remains bullish after breaking out of its symmetrical triangle pattern.
- LINK’s symmetrical triangle pattern breakout responsible for its 5 percent price upsurge.
- According to the IOMAO pattern, LINK’s attainment of a new all-time high appears imminent.
Chainlink (LINK) entered the market at the beginning of 2019 and has remained one of the most promising coins thanks to its constant bull runs. One year after it was introduced, LINK has recorded impressive price movements and bypassed the $4.50 mark in a short time.
Despite closing the day yesterday on a low note, LINK appears to have resumed its upsurge in price movement by bypassing the 50 Simple Moving Average on the 4-hour chart on TradeView. At the time of writing, LINK exchanges at about $33.901 amidst the push by traders to take the crypto coin past its recent high of approximately $35.71.
The journey for LINK to hit a new milestone is afoot as its symmetrical triangle pattern seems to be paving the way for an upcoming bull run. According to the chart pattern created by a few trendlines that connect a series of upward and downward price movements, today’s price trend speculates a period of consolidation in the offing that might either spark a breakout or a breakdown.
Generally, chart trendlines usually cross each other at an identical slope pattern. Downward price movements occur when prices cut through the ascending trendline. This is one of the indicators that the bears are about to emerge. On the other hand, a bullish trend is signaled at the descending trendline that indicates a bullish trend’s commencement.
Usually, symmetrical patterns tend to offer a more accurate price trend for either a breakout or a breakdown. Symmetrical patterns best give an accurate prediction when measured from the highest and lowest pattern points.
In the case of Chainlink, the symmetrical patterns show the crypto coin is ready for a massive 10 percent price surge that will see the crypto coin exchanging at about $36 to $38. The RSI also validates the bullish outlook that is brewing as it appears to move towards the overbought area.
According to IntoTheBlock’s IOMAP chart patterns, Chainlink is more likely to face less resistance moving upward due to the absence of significant resistance zones.
However, it is essential to pay attention to the region between $33 and $34, where more than 60 traders previously bought more than 290,000 LINK coins. A repeat of such a trade activity can quickly push the crypto coin past the current resistance level.
On the other hand, Chainlink appears to enjoy colossal support between the range of $31.2 to $32.3. More than 13,000 traders are trading and making profits from the approximately 12 million LINK coins previously traded at this range.
Although LINK’s prices appear to be prepping for a significant price surge, the crypto coin’s whales are selling their assets at a very high rate. This might be because of the current reasonable prices that might entice them to make better profit margins. If the selling pressure remains the same, LINK’s valuation might be affected and might record a downward trend.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.