• Chainlink price has been range-bound inside a symmetrical triangle pattern.
  • The recent 11% pump has brought LINK closer to the upper boundary, hinting at a bullish trajectory.
  • SuperTrend indicator adds credence to the optimistic outlook for the oracle token.

The Chainlink price ranges closer toward the symmetrical triangle pattern’s upper trend line, suggesting a breakout could be possible shortly.

Chainlink price eyes higher high

The Chainlink price has created multiple lower highs and higher lows since February 20 on the 12-hour chart. When the swing highs and lows are connected using trend lines, LINK shows that it is consolidating in a symmetrical triangle pattern.

This technical formation has no inherent bias and results from aggressive camps on both sides trying to take control of the asset. Hence, a breakout confirmation arrives after the Chainlink price slices through either of the trend lines.

Regardless, the setup forecasts a 37% move, determined by measuring the distance between the pivot high and low at the broadest part of the pattern. Adding this distance to the breakout point reveals the target.

A bullish breakout above $30.3 could push LINK to $41.6, but a breakdown of the lower trend line at $25 might result in a sell-off to $15.7.

If the recently flashed buy signal from the SuperTrend indicator pushes the oracle token above $30.3, an upward breakout seems likely. Creating a higher high at $32 will provide a decisive confirmation for the upward move and serve as a foothold for the climb toward $41.6.

https://www.fxstreet.com/cryptocurrencies/news/chainlink-price-prediction-link-edges-closer-to-37-breakout-202104010214

LINK/USDT 12-hour chart

A spike in selling pressure leading to a rejection at the upper trend line and a subsequent close below $25 will trigger a bearish outcome for LINK.

In that case, the Chainlink price might drop toward the Momentum Reversal Indicator’s State Trend Support at $22.7. A breakdown of this level will invalidate the bullish outlook, resulting in a 16% sell-off to the next demand barrier at $19.

If the bearish momentum persists, sellers might even push LINK toward $15.70.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

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