With Bitcoin stepping closer to $30,000, the altcoins market is on a bullish roll to climb higher. Reaching almost double-digit gains, the Chainlink prices display a similar trend in motion to exit the long-term bearish channel.
With heightened chances of a breakout, the LINK price prediction is projecting a stronger bullish side.
Taking a bullish reversal from the 50-day EMA, the LINK price trend is rising higher with increased momentum. Leading to rounding bottom reversal, the Chainlink price action is on the verge of completing the cup and handle pattern in the daily chart.
Making two consecutive bullish candles to give an 8% jump, the LINK price is approaching the overhead declining trendline. Moreover, the golden crossover fuels the breakout possibility as the overall market recovers.
Showcasing a stronger comeback in the weekly chart, a bullish engulfing candle teases a breakout rally shortly. With support from the 50-week EMA, the bullish comeback rises to challenge the overhead trendline with an early high-speed reversal.
EMA: In the daily chart, the 50 and 200 EMAs give a golden crossover and sustain a positive alignment.
RSI indicator: The daily RSI line spikes from the halfway line to approach the overbought territory and reflects stronger buying pressure.
Will LINK Prices Crash Within The Channel?
As of now, the LINK price action shows strong bullish momentum, with the trend reversal rally increasing the chances of a prolonged uptrend. To make things even better, the overall market recovery is projecting a high likelihood of the uptrend continuing.
Therefore, with a bullish reversal from the 50-week EMA, the chances are improving for holders and sideline buyers to reclaim trend control. If the buyers can break the trendline, the uptrend will reach the $10 mark.
On the other hand, the rejection rally will find crucial support levels at the $8 and $7 marks.