LINK Price Analysis: Trend Reversal For LINK Arrives, $12 Next?

The post LINK Price Analysis: Trend Reversal For LINK Arrives, $12 Next? appeared first on Coinpedia Fintech News

As Bitcoin sustains $30,000, the bullish momentum rubs off on most of the altcoins, driving a new bull run. Among the altcoins, Chainlink remains on the top of weekly gainers, with remarkable returns leading to a long-term pattern breakout.

With the high momentum breakout rally, the LINK price prediction is projecting a prolonged uptrend. 

Gaining momentum over the weekends, the LINK price completes the cup and handle pattern to give a bullish breakout. Moreover, the breakout rally exits a long-coming resistance trendline, reflecting the strong underlying bullish sentiments. 

Making four consecutive bullish candles to give a 42% jump, the LINK price exceeds the $10 mark. Currently, the LINK price exchanges hands at $10.420 with an intraday growth of 2.17% and a long wick formation. 

With a short pullback evident with the long wick, the bull run may soon lose momentum to test the breakout levels.

With a long-term breakout visible in the weekly chart, a bullish engulfing candle exits the falling channel with a bullish engulfing candle of 37% jump. Moreover, the breakout rally increases the chances of a trend reversal and a golden crossover in the weekly chart.

Technical indicators:

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 enters the overbought zone with a huge jump, reflecting a strong bull run. 

Will LINK Price Reach $12?

Currently, the LINK price rides a high-speed bull run, the breakout signals a trend reversal. Further, the improving market conditions increase the likelihood of increased demand for Chainlink. 

Therefore, the anticipations of a price jump to $12 are increasing significantly. However, a retest of the trendline breakout is possible as the long wick teases a loss in momentum.