- The Chainlink price is firm after bullish breakout
- Medium term bull targets are at $13, $17, and $20
- LINK prices may pullback to $9.65 in a retest
- Strong Chainlink fundamentals buoying prices
The Chainlink price is firm. Bulls appear to be in control after Thursday and Friday gains.
At the time of writing, LINK is trading at $10.63, adding 12 percent versus the USD and roughly six percent against both BTC and ETH.
Even though buyers may be in charge, LINK is trading within a tight range. Today’s high is at $10.90 and lows at $10.40. The $0.50 trade range means there is less wriggling space despite sharp gains visible in the tail-end of the week.
Still, there are attempts of bears to reverse gains. As visible, there is a long upper wick signaling liquidation in lower time frames. However, the breakout above the main support trend line and the 20-day moving average (the middle BB) is sufficient impetus for higher highs in subsequent trading days.
Founding this overview are strings of bullish news in the past few days. Chainlink is the dominant decentralized oracle provider and is a core part of the success of DeFi dApps.
The Ren Protocol is using Chainlink’s Proof of Reserve mechanism to improve transparency and auditability of cross-chain assets starting with renBTC, renBCH, and renZEC.
The Chainlink price is bullish and trading above a primary resistance level.
Aforementioned, the breakout of Thursday and the confirmation on Friday is complete with increasing trading volumes signaling participation from traders.
Besides, the surge is a confirmation of the double bar bullish reversal pattern of Sep 23 and 24. Preceding the rally were LINK prices steadying above the support trend line as bulls swing back to action from the 78.6 percent Fibonacci retracement level. The immediate bull target is at around $13, $17, or at Aug highs of $20.
As long as prices trend above the resistance trend line of the descending triangle and the middle BB with increasing participation, the path of least resistance is northwards.
LINK bulls are on top of proceedings in the 1-hour chart.
Chainlink prices are edging higher, reflecting the strong bullish momentum are equally increasing trading volumes visible in the secondary volumes chart.
As long as Chainlink prices maintain an upward trajectory as the middle BB provides support, every low could provide another ramping opportunity.
Any correction below the main support trend line may trigger a pullback towards $9.65—Oct 5 highs.
The Chainlink price is firm and bullish. There are hints of participation in both the daily and 1-hour chart, pointing to demand.
In the immediate term, LINK prices may fall to correct to $9.65.
However, this depends on how prices react at the main support trend line and the middle BB in the 1-hour chart. Medium targets are at $13, $17 and $20.Disclaimer. The information provided is not a 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.