Chainlink Appears to Have Bottomed Out-A Breakout Above $8 is Imminent!

The post Chainlink Appears to Have Bottomed Out-A Breakout Above $8 is Imminent! appeared first on Coinpedia Fintech News

The crypto markets are consolidating again! After maintaining a brief upswing in the past few days, the markets have begun to consolidate, maintaining a descending trend. While the Bitcoin price has dropped below $31,000, it still continues to hold significant strength along with the other altcoins. Chainlink, specifically, which has been consolidating for quite some time, is believed to undergo a massive breakout in the coming days. 

Chainlink’s price has been trading within a parallel channel for quite some time, and the recent drop dragged the price lower. However, it managed to trigger a strong rebound and re-enter the channel. The current trade set-up indicted the LINK price to be closer to a massive breakout and attain the interim resistance above $7.8 very soon. 

The recent upswing enabled the price to break above the falling wedge and surge high to reach the upper target. Besides, the price also managed to rise above the 0.38 FIB channel and is presently trying to breach through the next channel at 0.5. Interestingly, one of the major resistance levels at the 200-day MA also coincides with the 0.5 FIB channel, and hence it can be considered an important level to surpass. Once the LINK price rises above these levels, a notable upswing may be imminent. 

Besides, the bulls now have a major responsibility to lift the price above $7.9 which is around 0.618 FIB levels. The breakout appears to be imminent as the RSI is rising which shows the bulls to be well in position. Even though, the token may face a bearish interference, a bullish breakout is imminent.