- Chainlink observed sideways movement in past 24hrs.
- Sideways momentum to continue short term.
- Could see sudden gains in the market.
The Chainlink price prediction by Vince Prince shows that the cryptocurrency will fall towards the $12.3 level next. The cryptocurrency showed sideways movements on the 15th of December.
The cryptocurrency rose to a day’s high of $13.02. Chainlink observed sideways movements on the charts for the 14th and the 15th of December. The price was observed at the $12.73 mark at the time of writing. If we look at the trend, we can see that the technicals show that the cryptocurrency is in the buyers market right now. The overall trend observed by the altcoin over the 24-hour trade was more neutral than bearish.
The chart by Vince Prince shows that the cryptocurrency is falling in a small down-channel, and that it will hit the rising support level sketched in black at the bottom of the setup.
This strong support line will allow the cryptocurrency to bounce off and rise across the $13 mark, per the analyst. This price ascension will continue until the cryptocurrency hits the upper resistance, which is marked at the $14.50 level. The major descending trend line that the price was travelling in before was broken, and the breakout was confirmed between the 13th and the 14th of December. The resistance at $14.50 is strong enough for the price to be rejected when it tests this zone.
What’s next for the LINK price?
The cryptocurrency seems to be traveling inside an ascending parallel channel. The altcoin observed a super bullish bounce-off from the 21 week Exponential Moving Average (EMA).
The analyst believes that the price is merely a few weeks away from a major breakout as it steps into 2021. The chart shows that the cryptocurrency should continue to trend inside the ascending parallel channel, up until it breaks upwards after concluding it.
The cryptocurrency is ascending in a parallel channel per the chart below. The cryptocurrency is trading near the lower boundary of the channel, and it is expected to go up on the long-term.
We can see that the price is supported by the midline of the Bollinger bands and it is testing the upper band here. The price will move towards the upside and test the channel, where we will have to see if Chainlink has the momentum to break across it. The analyst believes that the price is currently in a progressive accumulation, and there’s also a risk for a possible pullback by Bitcoin BTC, which will cause the altcoin to see a downtrend.
If Bitcoin holds no surprises like this in store for us, then the cryptocurrency should test the upper zone of the ascending channel and move towards the $15 mark. The take profit for this trade setup lies between the $14.5 to $15 level, per the analyst. If the price loses support, then the idea will be invalidated.