- The downside has continuously pushed Chainlink’s price down since August.
- The 24-hour trading volume has dropped by 10.90% to $243.25 million.
- LINK price has surpassed the 20-day EMA and is heading toward the 200-day EMA.
Since March, the Chainlink (LINK) price has witnessed bearish momentum and lost around 50%. However, buyers showed interest and pushed the price down. The LINK price has been struggling below the 200-day exponential moving average (EMA) since mid-June.
The LINK price has struggled between two converging trendlines and has squeezed a lot. It has reached a crucial zone of breakout in a symmetrical triangle on a daily time frame. Let’s discuss how it performs after a successful breakout.
Chainlink (LINK) Price Has Shaped a Symmetrical Triangle
Chainlink crypto was trading at $11.45 at press time, with an intraday gain of 1.15% over the past 24 hours. The market capitalization was $7.10 Billion, ranking 14th in the cryptocurrency market.
The overall trend is bearish, but the LINK price has been rising, taking support from an ascending trendline. It has gained 40% in the past few months. The LINK crypto price has exceeded the 20-day EMA, which could be a bullish signal.
Buyers might show involvement if the digital asset price triggers a breakout from the triangle. Once the price overcomes the 200-day EMA, it may show strong buying pressure. Assuming the LINK price smashes the $16 territory, it may reach the $20 mark in a single spike.
In contrast, if the Chainlink crypto price fails to trigger a breakout from the 200-day EMA, sellers might remain strong. Strong bearish pressure can be seen once the price loses the psychological level of $10. Another support level could be the $6, a strong demand zone.
Regarding the technical indicators, the RSI has kept rising and has shown bullish signs in the broader timeframe. However, it has dropped below the RSI-based moving average in the short term. The MACD and the Signal line have entered the positive territory, and the histograms have been flipped to green.
Would LINK Price Blast in November?
Perpetual Trading (@PrepTrading) is a cryptocurrency analyst who claimed that the LINK price may shoot up in November.
The LINK crypto price is expected to drop slightly and witness a strong bullish momentum. It may expect a 100% gain in the next few months.
Chainlink Price Prediction Based on Technical Chart
Based on the current technical analysis and indicators, the Chainlink (LINK) price is at a crucial point. The price has been struggling below the 200-day EMA. However, it has shown some bullish signs by surpassing the 20-day EMA and forming a symmetrical triangle.
The price may trigger a breakout from the triangle and overcome the 200-day EMA. If this happens, it may indicate strong buying pressure. This could lead to a multi-year high, possibly reaching the $20 mark.
On the contrary, strong bearish pressure may take over if the price fails to trigger a breakout and falls below key support levels. Monitoring the price action and critical levels in the coming days is essential. It will help in assessing the potential future movement of the LINK price.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
