Chainlink price set for a 20% run as bulls smash through the daily trend; next target at $17
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Chainlink price has broken out past a daily trend channel.
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Chainlink price has double bottomed on the Relative Strength Index.
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A break below $11.00 will invalidate the bullish thesis.
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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.
Author
FXStreet Team
FXStreet
