Chainlink Price Analysis: LINK Coin Gives Breakout From A Critical Pattern

LINK coin gives a breakout from the symmetrical triangle pattern but with less buying volume
  • LINK coin gave a breakout from a symmetrical triangle pattern on Thursday’s trading session
  • The 24-hour volume in LINK is at $2,447,344,178 with a 168.31% increase
  • The LINK/BTC pair was trading at 0.0005134 BTC with a gain of 2.22%
Source: LINK/USD on TradingView

The 4-hour technical chart of LINK coin projects an uptrend. According to pivot points, LINK’s critical support level is placed at $27.47. Whereas if it moves up, the key resistance level to watch is $31.81. While diving into the weekly chart of a 4-hour time-frame, it completes a symmetrical triangle pattern and the price gives breakout from it with the help of overall market conditions.

SMA-20, 50 & 100 acts as another strong support in the coin. SMA-20 (purple) is stuck to the SMA-50 (white), representing the trend which is doubtful. The price is also above SMA-100 (red). Investors may perceive no crossover in the SMA, and the trend remains unclear for now.

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RSI indicator (BULLISH), with a value of 56, indicates a buy signal in the coin. Moreover, Investors can see an upward slope from 43 to 56 in the index, and it may surge more in future trading sessions.

After The Breakout Trend Remains Unclear In LINK Coin

LINK coin price traded at $29.80 with a gain of 7.09% in the last 24-hour and 3.99% up in the weekly time-frame. Furthermore, LINK coin gives a breakout from the symmetrical triangle pattern but with less buying volume. In contrast, the market capitalization stands at $12 billion. Technically, investors can perceive both the SMA’s are stuck to each other which does not indicate any trend. Moreover, the price movement can’t be predicted.

Resistance: $31.81

Support: $27.47

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Nikhil Ingole
Mr, Nikhil Ingole is a cryptocurrency technical analyst with over seven years of technical analysis trading experience in Forex and Indian stock market. As a commerce graduate, he has taken a keen interest in blockchain's future potentials in the financial industry. He possesses strong technical, analytical skills and is well known for his financial market's informative analysis. Other than crypto, Nikhil Loves to watch his favorite football team and keep up to date with the latest Formula 1 racing.

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