The crypto industry continues to trade sideways as the bulls constantly fail to hold the price and continue struggling to stabilize the market. On the other hand, Chainlink has become the top performer among the cryptocurrencies in the past week.
Following the massive price volatility the token experienced in the first half of the month, Chainlink’s price has gained bullish momentum. The coin is presently trading in a rising channel. Further, the LINK price has recently experienced a golden cross, indicating the possibility of the coin rising in value in the coming days.
The RSI has been constantly trading above the midpoint and close to its overbought range for over a week, indicating high buying and selling power. Further, the chart displays a minor decline in its averages, indicating a possibility of a bearish turnover in the coming days.
On the other hand, the MACD displays constant fluctuations in its histogram, indicating the possibility of massive price action this month. Moreover, the chart displays a bullish convergence in its averages, indicating a high possibility of bullish price action for the coin.
If the bulls gain power and ignite bullish momentum, the price is predicted to break out of the rising channel and test its resistance level of $7.275. Further, if the price manages to hold the level, it will make a run and test its upper resistance level of $7.463 by the end of the month.
On the flip side, if the bears take the market and a trend reversal occurs, the price will fall, lose its value, and test its support zone of $6.74 soon. Further, if the bearish trend continues and the price continues to fall, it will test its lower support zone of $6.3 this month.
Source: https://coinpedia.org/price-analysis/chainlink-price-prediction-link-price-on-the-verge-of-a-breakout/