Lorenzo Stroe
Independent Analyst
- Chainlink price remains contained inside an ascending and broadening wedge pattern.
- The digital asset reclaimed a key resistance level and aims for a 44% move towards $43.
- Several indicators show practically no resistance ahead for the bulls.
Chainlink price is close to confirming a daily uptrend but still needs to climb above another key level first. The digital asset remains heavily bullish in the long-term and faces almost no barriers on the way up.
Chainlink price aims for a 44% move with little opposition
Chainlink is contained inside an ascending and broadening wedge pattern on the daily chart. Bulls have successfully defended the lower boundary of this pattern and reclaimed the 26-EMA support level.
LINK/USD daily chart
The next most important resistance level is the high of March 3 at $31.43. A breakout above this point will confirm a daily uptrend and will likely drive Chainlink price towards the upper trendline at $43.
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LINK IOMAP chart
The In/Out of the Money Around Price (IOMAP) chart shows basically no strong resistance points on the way up but robust support below $29 adding credence to the bullish outlook.
LINK/USD 6-hour chart
However, on the 6-hour chart, LINK must stay above the 100-SMA level as the TD Sequential indicator has just presented a green ‘8’ candlestick which is often followed by a sell signal. Validation of this call and a breakdown below $29.5 can quickly drive Chainlink price towards $26.
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