Growing out of a falling channel, Chainlink (LINK) is preparing to rally beyond $20 in the new crypto bull run. As the crypto market prepares for the next stage of a bull run, Chainlink signals a massive breakout rally on its way. The recent move above a long-standing resistance trendline of a falling channel pattern indicates a potential bullish trend for Chainlink.Currently, Chainlink is encountering resistance from the 200 EMA, but prices are primed for a post-retest reversal that could extend the bullish momentum. Will this rally push prices beyond the $20 psychological threshold? Lets explore.Chainlink Channels Breakout In the daily chart, the recent bullish reversal from the $8 mark has led to a bullish trend within the long-coming falling channel pattern. With three consecutive bullish candles forming a triple white-soldier pattern this week, Chainlink surpasses the overhead trendline. LINK Price ChartThe triple white-soldier pattern accounts for a 15% surge. However, the breakout rally fails to surpass the 23.60% Fibonacci level at $12.438. The dynamic resistance of the 200 EMA, coinciding with the Fibonacci level, plays a crucial role. Facing bearish opposition, the Chainlink price shows an intraday pullback of 2.59%. However, LINK trades at $12.072 and maintains dominance above the 100-day EMA and the broken resistance trend line. This increases the possibility of a post-retest reversal to cross above the resistance confluences. Additionally, the recent bullish influence has resulted in a crossover between the 20-day and 50-day EMAs. The MACD and signal lines also show positive crossovers. With increased buying pressure, technical indicators suggest a potential uptrend for Chainlink. Will Chainlink Cross $20?According to Fibonacci analysis, a move above $12.43 could propel Chainlinks price to the 50% and 78.60% Fibonacci levels at $15.64 and $19.11, respectively. Conversely, key support is found near the 50-day EMA at $11.39.As the broader market recovers, Chainlink could potentially reach the apex of the falling channel pattern near $21.71. Thus, the likelihood of Chainlink surpassing the $20 psychological mark in the upcoming November rally has significantly increased.
WE AND OUR PARTNERS USE COOKIES ON THIS SITE TO IMPROVE OUR SERVICE, PERFORM ANALYTICS, PERSONALIZE ADVERTISING, MEASURE ADVERTISING PERFORMANCE, AND REMEMBER WEBSITE PREFERENCES.
By using this website, you automatically accept that we use cookies.
To learn more about use of cookies see our Privacy Policy. Learn More.
