- Chainlink price shows an inverse head and shoulders pattern, signaling strength.
- SuperTrend indicator issues fresh buy signal, boosting bullish outlook.
- Chainlink’s price is above $13.00, poised for a potential breakout.
Chainlink price indicates signs of strength as the altcoin hovers above a key support level. Over the past 24 hours, LINK has surged by 10%, hinting at growing bullish momentum. After months of sideways trading and gradual declines, LINK is now flashing early signals of a potential trend reversal.
The price structure has started to look more constructive following an extended consolidation period. Analysts suggest that if LINK maintains support above the $15.00 level, the stage could be set for a larger breakout in the coming weeks.
Recently, LINK’s price market cap stood at $9.67 billion, reflecting a 1.23% increase. Meanwhile, its 24-hour trading volume reached $361.25 million, up by 40.30%. Across the broader market, the global crypto market cap is $2.94 trillion, posting a slight 0.13% decrease. Total crypto market volume over the same period surged by 45.62% to $87.1 billion, pointing to rising investor activity.
Analyst Highlights Bullish Chainlink Price Pattern with Major Upside Potential
Crypto analyst detected an inverse head and shoulders formation on Chainlink’s price chart. Utilities token trends show growth according to the Analyst and Chainlink presents excellent possibilities for this emerging market.
The analyst predicts that a major price surge may occur if LINK successfully moves past the resistance zone between $16.00 and $16.50. The expert anticipates LINK to rise 25% to 30% during the first week of May when a breakout happens.
The attached chart reveals that LINK successfully breached resistance levels above its extended horizontal barrier which validates this conclusion. Bullish technical indicators point to a possible intense price increase for Chainlink because of its strong price movement. An increasing wave of investment confidence in utility tokens focuses on Chainlink as the asset to track during the upcoming weeks.
Ali tweeted that the SuperTrend indicator generated a fresh daily buy signal, which applies to Chainlink. This data indicates that momentum may be set to change direction, which might create a bull setup that traders following LINK should assess.
The price trend of Chainlink demonstrates extended decline before testing its primary resistance areas. The bullish indicator signal may become more robust when LINK stays above the marked resistance zone indicating that prices should continue upward during the upcoming period.
Chainlink Price Eyes Breakout as Support Holds
The LINK price is currently trading around $14.72 after gaining 1.17% in the past 24-hours. Recent technical action shows LINK holding firmly above a key support at $13.00, suggesting buyers are still protecting lower levels. Momentum indicators are providing mixed signals. The MACD is in a mild bearish crossover, hinting at some short-term pressure. Meanwhile, the RSI is hovering near 54, reflecting a neutral stance without clear overbought or oversold conditions.
If the cryptocurrency maintains strength above $13.00, it could attempt to reclaim the $16.00 resistance zone. A successful breakout there might open the path toward $18.08, with $20.00 as the next major target. On the downside, failure to hold $13.00 could expose LINK to a deeper pullback toward $12.00 and possibly $11.00.
