Chainlink price set for a 20% run as bulls smash through the daily trend; next target at $17

Chainlink price tests previous resistance as the bulls have pushed past a 2-day swing high at $14.46. There are a few indicators giving confluence that a bullish trend is underway.

Chainlink price says an imminent rally approaches.

Chainlink price should have investors feeling enthusiastic as the bulls have successfully broken through the 2-day trend line. Daily trendline breakouts are often regarded as buy signals in the Crypto space, and the 2-day chart shows just that. 

Currently, the Chainlink price has broken out past the previous swing highs at $14.40. Pending orders have likely been triggered, which could send prices towards $17.00 and even $20.00.

Chainlink price also has some added bullish confluence displayed on the Relative Strength Index. The higher lows established in December printed a double bottom on the RSI relative to the lower lows in February at $11.00.

Bull’s looking to enter the future trend should consider placing a stop loss under the invalidation level at $11.00, 20% below the current price. Should the bears manage to suppress prices back down into $11.00, they will likely have complete control of the trend and could send prices an additional 10-20% lower, aiming to establish new lows at $10.00 and $9.00, respectively.