- Chainlink price eyes a retest of the range high at $9.32 and vows to complete its 33% ascent.
- Investors should note that completion of this rally could produce a bearish triple tap setup.
- A flip of the $9.32 hurdle on a daily time frame will invalidate the bearish thesis for LINK.
Chainlink price has shown incredible resilience as it flipped a crucial resistance barrier and continued its rally. This development is coming to an end as it approaches its target.
Chainlink price at inflection point
Chainlink price created a $6.38 to $9.32 range after crashing 43% between May 10 and May 12. This range has regulated the movement of bulls and bears since then. After creating multiple equal lows around the range low at $6.38, LINK triggered its rally on June 13 and has so far recovered 69% of its losses.
During this ascent, Chainlink price has sliced through the 30-day, 50-day and 100-day Exponential Moving Averages (EMAs) and is currently eyeing a retest of the range high at $9.32.
While this development is bullish, Chainlink price could rally another 8% to retest the range high, but due to multiple equal lows and Bitcoin’s inherently bearish outlook, things could come undone. Moreover, LINK seems to be forming a triple tap setup, which is a reversal pattern.
If the said setup is complete, Chainlink price could trigger a crash to $7.29 and, in a highly bearish case, sweep the range low at $5.28. Although this development might seem impossible considering the short-term bullish structure of the altcoins, market makers will likely push the altcoin lower to collect liquidity.
So, investors must be prepared for a complete undoing of the gains witnessed since June 13.
LINK/USDT 1-day chart
On the other hand, if Chainlink price produces a daily candlestick close above the range high at $9.32 and flips this level into a support floor, it will invalidate the bearish thesis for LINK.
This development could propel the oracle token to the 200-day EMA at $11.37.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Litecoin Price Prediction: LTC tries to retake $100 resistance as miners halt sell-off
Litecoin price grazed 105 mark on Monday, rebounding 22% from the one-month low of $87 recorded during last week’s market crash. On-chain data shows sell pressure among LTC miners has subsided. Is the bottom in?
Bitcoin fails to recover as Metaplanet buys the dip
Bitcoin price struggles around $95,000 after erasing gains from Friday’s relief rally over the weekend. Bitcoin’s weekly price chart posts the first major decline since President-elect Donald Trump’s win in November.
SEC Commissioner Hester Pierce sheds light on Ethereum ETF staking under new administration
In a Friday interview with Coinage, SEC Commissioner Hester Peirce discussed her optimism about upcoming regulatory changes as the agency transitions to new leadership under President Trump’s pick for new Chair, Paul Atkins.
Bitcoin dives 3% from its recent all-time high, is this the cycle top?
Bitcoin investors panicked after the Fed's hawkish rate cut decision, hitting the market with high selling pressure. Bitcoin's four-year market cycle pattern indicates that the recent correction could be temporary.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.