Can Chainlink Price Break Out 35% Amid Bearish Blues?

Chainlink price is currently forming a symmetrical triangle, hinting a potential breakout. An increase of 40% in trading volume means that there is growing interest from investors, which indicates a change in the trend.

Similarly, crypto analyst Ali Martinez noted that a decisive move could lead to a 35% increase in LINK price to $21. However, failing to break resistance may lead to selling pressure to build up.

Chainlink Price Holds Critical Support

LINK price has been ranging bound inside the channel and has demonstrated stability despite the volatile market conditions. Currently, Chainlink price is at $13.64, which is below the descending trend line of the symmetrical triangle. Historically, this has always been followed by further price movements and therefore the setup is important for investors.

Ali Martinez noted that Chainlink price remains in a consolidation phase, with increasing activity indicating a potential breakout. The next level of support to observe is $14.50. This might serve as the decisive level to determine whether LINK price will resume its upward movement or revert to the bearish trend. However, if this level is broken, the next price level would be around $16.50.

Analyst Highlights Triangle Breakout Potential

Crypto analyst Ali Martinez identified a symmetrical triangle pattern in the Chainlink price that may lead to a breakout soon. In his analysis, if LINK price goes beyond this resistance level, there could be a rally of up to 35%.

This pattern has always created large moves in both directions, depending on whether the buyers or sellers are in control. Holding the $15 support level, LINK may move above $17 and possibly test $21 to continue the bullish move.  On the other side, if the price fails to hold this level of support, it may drop to the $12.80 level.

Surging Trading Volume Signals Investor Confidence

One of the promising indicators of the likelihood of a rally is trading volume in Chainlink. The trading volume has increased 40% within the last 24 hours as traders speculate in the short term volatility of LINK price. Such volume tends to occur before significant movements in price especially when supported by technical indicators.

If buying pressure continues to increase, Chainlink price could break above the key resistance levels and affirm the bulls’ sentiment. Nevertheless, if the volume is low, there is a risk of fake breakouts.

Chainlink Price Prediction: Where Could LINK Head Next?

Based on Ali Martinez’s analysis and the symmetrical triangle pattern, Chainlink price could see a 35% rally if it successfully breaks resistance. This projection targets the next significant level of around $21 which can be seen as a corresponding resistance level.

However, to continue with this bull trend higher, LINK price must move and close above $14.50. If this happens, the next support levels are $16.50 and $18 with the $21 level acting as the breakout or pullback level. On the downside, failure to hold the $13.00 level, bears sees the stock falling further to $12.80 or $11.50.

Moreover, crypto analyst Doomed Crypto used  the Wyckoff Accumulation Schematic to predict that Chainlink price trend will be bullish in the long run.

The chart exhibits several Fibonacci extension levels with the price range starting from $59 and ending at $340. In this case, if LINK maintains these price levels, it has the potential of experiencing a significant increase.