The Chainlink price prediction by College of Pips suggests that the cryptocurrency will soon see a rise towards the $15.15 mark. This is because the analyst has spotted a double bottom pattern on the charts for the LINKUSD pair. The cryptocurrency’s price fell towards the $13 mark on the 7th of December.
The LINK price was observed at $13.11 at the time of writing. Chainlink observed a day’s high of $13.55 at the start of the 7th of December, whereas the coin fell to a day’s low right after 12:00 GMT, at $13.004. The cryptocurrency’s overall trend for the 24-hour trade consisted of sideways price movements.
The Chainlink price escaped an ascending channel and it is currently traveling in a down-channel. The analyst highlighted a double bottom pattern inside the descending channel, which is why they believe that the cryptocurrency will soon break towards the upside.
The double bottom is a bullish indicator and it occurred near the lower boundary of the descending channel. The analyst expects the price to escape the channel and reach the $15.15 resistance, which is where the target price lies for this trade setup. The stop-loss was marked at $12.48 by the crypto analyst.
Per the idea, the cryptocurrency is inside a corrective channel, which means that it is undergoing a price correction. The price correction occurred on the 7th of December that caused the cryptocurrency to drop towards the $13.00 level.
Looking at the chart below we can see that Chainlink has been ascending in an up-channel from the 24th of September, and the cryptocurrency has formed a head and shoulders pattern alongside other triangle patterns in the ascending parallel channel.
Per the Trading View analyst Nagiha Toum, the cryptocurrency should see a descent after the completion of the head and shoulders pattern. The analyst is of the opinion that the cryptocurrency will break below the ascending channel fall by almost 50% of its current pricing. The Relative Strength Index (RSI) is shown neutral near the midline.
The analyst also highlighted a diamond reversal on the 12h time frame, inside the up-channel. Nagiha Toum pointed out bearish divergences on the RSI and at the top of the diamond, which means that the cryptocurrency is likely to see a downward move ahead.
What to expect from the LINK price?
The crypto analyst Roze believes that the LINKUSD pair will soon see a break towards the upside from a 3-month old triangle pattern.
The upwards break-out is expected to allow the price to rise above the $20 mark. At the beginning of the triangle pattern, the cryptocurrency’s price volatility was quite high with higher highs and lower lows. As the price has approached the end of the triangle, this price volatility has decreased by manifolds, which means that a breakout may be very near. The analyst also expects the Moving Average Convergence Divergence (MACD) indicator to see a bullish divergence soon.