Chainlink price prediction: LINK to $39.5, analyst

TL;DR Breakdown

• Chainlink price prediction expects a rise to the $39.5 mark.
• Strong resistance currently lies at the $16 mark.
• Strong support currently lies at the $15.5 mark.

The Chainlink price prediction by the Trading View analyst Alien Algorithms suggests that the cryptocurrency will rise towards $39.5 after breaking out of a rising wedge pattern. On the 13th of January, the LINK price observed a continuous uptrend and hit the ceiling near the $16 level before coming to a rest.

1-Day Chainlink price analysis

After Bitcoin’s price correction towards the $30000 mark, the cryptocurrency market observed a significant price decline. As at the 13th of January, the king of cryptocurrency has been soaring upwards on the charts where it returned above the $37000 level. Chainlink followed Bitcoin BTC‘s uptrend and it has reached above the $16 mark on the 14th of January.

At the time of writing, the price for the cryptocurrency was observed at the $15.65 mark. The highest price that the altcoin observed during the day was $16.35, whereas the lowest price was the $15.31 level. The price had come to a rest above the $15.5 level, where it suffered mild fluctuations.

The technicals show that out of 24 indicators, 10 stand neutral while 14 suggest a buying market for the cryptocurrency. Across the oscillators, two had a buy indication and nine were neutral. We observed 12 of these technicals showing off a buy signal for the moving averages while one stood neutral.

On the 4h time frame, we can see the upper Bollinger band being tested by the LINK price line. This means that the price will see bullish movements in the short term.

Chainlink price predictions: What to expect?

Analyst Alien Algorithms believes the cryptocurrency’s trajectory tests the upper boundary of an ascending wedge pattern. Per the Chainlink price prediction, the price will move long towards the $40 mark after a breakout.

The chart shows that the cryptocurrency has been ascending inside this wedge pattern since 2018, and the cryptocurrency has tested the upper boundary at multiple instances. The price trajectory suggested by the crypto analyst in this Chainlink price prediction shows that the cryptocurrency will see a breakout soon and rise across the $40 mark. The breakout is expected to follow a retracement and another increase in price before a dump below the wedge pattern. Per the analyst, this price crash for LINK/USD could lead the trajectory below the $1 level over more than a year.

Analyst Tangerine Trader highlighted a rising triangle pattern on the LINK/USD charts. Per the analyst’s Chainlink price prediction, the cryptocurrency will hit the bottom of the triangle soon and then possibly see an upward move. As the trajectory progresses through the triangle, the trading volume and volatility will decrease until the cryptocurrency sees a major breakout towards the upside in the long term. Currently, the price is supported by the 12-day and 26-day Exponential Moving Averages. A breakout towards the upside from this point should allow the price to rise above the $23 to $33 range. The key resistance lies right below the all-time high of Chainlink.