- Chainlink price action targets the 100-day simple moving average at $30.
- LINK/USD pair RSI points to a bullish uptrend
- Sufficient buyer pressure is expected to drive the price by 40% and break above $45
Chainlink is on an upward trajectory on the daily chart and seems to be heading for the 100-day Simple moving average ($30). This is after the bulls were rejected at $26 and sunk to an intraday low of $22. The coin has already formed an ascending channel on the 4-hour chart. If the bulls sustain the trajectory, the LINK/USD pair could break above the 50% FIB retracement level ($28.29). This will spark buyer action, which could steer the price against the first significant resistance and target the 38.2% FIB retracement level of the upward channel from the 52-week low of $33 to a high of $34.73.
As you can see on the chart below, LINK is just recovering from a descending triangle. Selling pressure is highest around $21, and any possible break below this point would open doors for a bearish reversal to $16. The May 19th decline from $44 to $21 caused a bearish outlook that sliced through the first and second support and wiped over 50% of trader investments. The bulls are hoping that the coin is going to clear resistance at $25 and surge above the 200-day moving average. To prove this, measure the distance between the head and the pattern’s neckline. Add your result to the breakdown mid-point downwards.