LINK starts a new price rally and saw a huge buying pressure over the past week following a nice recovery from the critical support level and the LINK/USD pair tries to break past the symmetrical triangle with the bullish head and shoulders pattern as we are about to read more in the chainlink price news.
The new bullish price swing could start at 0.00045BTC level if the buyers show they are committed. After the Bitcoin crash over the past two weeks and most of the altcoins saw huge losses including Chainlink. Today, the price of the token is up by more than 2.66 percent after seeing a five-day recovery from $3.3. The Chainlink price increase could start a new triangle break up if the altcoin tries to gain momentum. The price is close to the $4.4 resistance in order to complete an inverse head and shoulder pattern which can be surely seen on the charts. A clean break at the neckline will confirm a new bullish rally for Chainlink.
Link is now the 11th most-traded altcoin by market cap and the latest gains made Link to trade at $4.12 against the USD. Link starts support at the $3.8 price level which is the five days bounce that was seen formerly in the yellow trend line. As long as the buyers started to show interest and more price growth will be expected in the next couple of days. Chainlink forms a bullish pattern on the charts but this is yet to be confirmed. There is a huge need for a breakout at the new $4.4 resistance before the validation of the bullish trend.
The successful break could send chainlink right to the red resistance area of the $4.8 and in this case the symmetrical triangle will continue to trap in the purchase pressure so we could see a slight drop back to the .
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8 support. If Chainlink doesn’t manage to hold at this support area, the next level to watch out is the $3.3 which could happen if the price breaks below the yellow lines. Chainlink saw a lot of growth against Bitcoin over the past weeks following the fast-recovery and this rebound made the altcoin to almost hit a new psychological level of 0.00050BTC.
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