Chainlink Price On The Verge Of A Major Breakout! LINK Price To Jump 15% Soon?

The post Chainlink Price On The Verge Of A Major Breakout! LINK Price To Jump 15% Soon? appeared first on Coinpedia Fintech News

The LINK price continues to display significant price volatility, indicating an increased price action in the market. Further, the LINK price after trading sideways for a brief period has recently displayed a strong positive move, highlighting a rise in the bull power in the market.

The Chainlink price constantly traded in a consolidated range between $13.893 and $16.477 for a brief period, following which the price gained momentum and the price surged.

TradingView: LINK/USDT

However, the rally was short-lived as the bulls faced rejection at $17.677 after recording a jump of 20% in valuation. After this, the price started trading under a bearish influence and recorded a correction of approximately 16%, following which the price traded sideways for a while.

As the market lost momentum, the price experienced another correction of 21%. The bulls held the price above the support level of $12.829, resulting in a bounce back in value. After this, the price traded in a closed range between $13.893 and $15.411 for about a week.

Recently, the price successfully broke out of the range and is on the verge of testing its resistance level of $16.477, of which the outcome is unpredictable. 

Will LINK Price Continue Rising?

The technical indicator, MACD, displays a rising green histogram, highlighting an increase in the buying pressure in the market. Further, the averages show a bullish convergence, indicating the price will continue to rise in the coming time.

If the bulls push the price above its important resistance level of $16.477, the LINK price continue to gain momentum and test its upper resistance level of $17.677. Maintaining the price at that level will set the stage for Chainlink price to attempt to test its resistance level of $19 this month.

Conversely, if the market fails to gain momentum, the Chainlink price will lose momentum and fall to test its support level of $15.411. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $13.893 during the coming week.