Chainlink price eying up new all-time highs amid weak resistance ahead
- Chainlink price remains contained inside a broadening wedge pattern on the 12-hour chart.
- The digital asset has defended a key support level and aims for a significant upswing.
- Various indicators show that LINK faces weak resistance ahead.
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Chainlink price has been trading inside an uptrend on the 12-hour chart since February 26 and aims for a significant leg up as it faces weak resistance above its current price.
Chainlink price is primed for a 40% upswing
On the 12-hour chart, Chainlink remains bounded inside an ascending broadening wedge pattern. The 100-SMA support level was held in the past 24 hours as bulls aim for a breakout above $32 towards new all-time highs.
LINK/USD 12-hour chart
The long-term price target is located at $43, which is the upper trendline of the pattern. The In/Out of the Money Around Price (IOMAP) chart shows almost no significant barriers above $31.
LINK IOMAP chart
On the way down, Chainlink has a ton of support between $29.5 and $27.7 with 82 million LINK in trading volume. However, losing this key support area will represent a breakdown of the ascending wedge pattern and a potential 40% fall towards $16.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
