Chainlink

The post <a rel="nofollow" href="https://coinpedia.org/price-analysis/link-price-analysis-sellers-struggle-to-face-links-uptrend/">LINK Price Analysis: Sellers Struggle To Face LINK’s Uptrend!</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
Despite the sharp fall in the bear market of 2022, the LINK price manages to hold off further correction with a channel formation. With a slightly diagonally bearish channel, the consolidation coils up huge trend momentum for Chainlink to give massive returns on a breakout.&nbsp; 
Moreover, with strong fundamentals, the <a href="https://coinpedia.org/price-prediction/chainlink-price-prediction/">Chainlink price predictions</a> anticipate a bullish breakout.&nbsp; 
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 <img decoding="async" width="1024" height="487" src="https://image.coinpedia.org/wp-content/uploads/2023/10/05123255/LINKUSD_2023-10-05_12-12-55-1024x487.png" alt="" class="wp-image-234917" srcset="https://image.coinpedia.org/wp-content/uploads/2023/10/05123255/LINKUSD_2023-10-05_12-12-55-1024x487.png 1024w, https://image.coinpedia.org/wp-content/uploads/2023/10/05123255/LINKUSD_2023-10-05_12-12-55-300x143.png 300w, https://image.coinpedia.org/wp-content/uploads/2023/10/05123255/LINKUSD_2023-10-05_12-12-55-768x365.png 768w, https://image.coinpedia.org/wp-content/uploads/2023/10/05123255/LINKUSD_2023-10-05_12-12-55-1536x730.png 1536w, https://image.coinpedia.org/wp-content/uploads/2023/10/05123255/LINKUSD_2023-10-05_12-12-55-150x71.png 150w, https://image.coinpedia.org/wp-content/uploads/2023/10/05123255/LINKUSD_2023-10-05_12-12-55.png 1952w" sizes="(max-width: 1024px) 100vw, 1024px">
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Taking multiple bounces within the channel, the recent early reversal in LINK price forms a rounding reversal pattern. With a neckline coinciding with the overhead resistance trendline, the altcoin hints at an uptrend continuation.&nbsp; 
Currently, the LINK coin price trades at $7.732, with a growth of 4% in the last 24 hours. As of now, the daily candle forms a bullish sprouting to prolong the last night’s spike. Therefore, the price action indicates the overall trend momentum, and the market sentiment is extremely optimistic.&nbsp; 
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 <img decoding="async" width="1024" height="487" src="https://image.coinpedia.org/wp-content/uploads/2023/10/05123301/LINKUSD_2023-10-05_12-17-01-1024x487.png" alt="" class="wp-image-234918" srcset="https://image.coinpedia.org/wp-content/uploads/2023/10/05123301/LINKUSD_2023-10-05_12-17-01-1024x487.png 1024w, https://image.coinpedia.org/wp-content/uploads/2023/10/05123301/LINKUSD_2023-10-05_12-17-01-300x143.png 300w, https://image.coinpedia.org/wp-content/uploads/2023/10/05123301/LINKUSD_2023-10-05_12-17-01-768x365.png 768w, https://image.coinpedia.org/wp-content/uploads/2023/10/05123301/LINKUSD_2023-10-05_12-17-01-1536x730.png 1536w, https://image.coinpedia.org/wp-content/uploads/2023/10/05123301/LINKUSD_2023-10-05_12-17-01-150x71.png 150w, https://image.coinpedia.org/wp-content/uploads/2023/10/05123301/LINKUSD_2023-10-05_12-17-01.png 1952w" sizes="(max-width: 1024px) 100vw, 1024px">
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However, the LINK price action also displays the rounding reversal facing opposition from the resistance trendline. Nevertheless, with lower price rejection, the recovery rally may continue to form a cup-and-handle pattern.&nbsp; 
Technical indicators: 
EMA: The 50 and 200-day EMAs give a golden crossover, teasing a potential breakout rally.&nbsp; 
DMI indicator: With a small downside tick, the ADX line remains high, reflecting a strong momentum. Further, the VI lines struggle to avoid a bearish crossover.&nbsp; 
<h2 class="wp-block-heading" id="h-will-link-price-sustain-above-10">Will LINK Price Sustain Above $10?</h2> 
The LINK price trend is expected to continue on an upward trajectory, as the price has formed a rounding bottom and is now teasing a breakout from the channel. A breakout of the trendline, or the $7.79 level, would unleash a high-momentum rally in the price of Chainlink. 
The LINK price rally could reach the 200-week EMA at $9.065. However, a breakout of the year-long range will show more impressive bullish moves. Therefore, the altcoin price could reach $12.75. 
On the other hand, a rejection at the trendline could invalidate the bullish structure and restart the bearish cycle within the range. If the price breaks down from $5.85, the downtrend could potentially reach $5.66.

LINK Price Analysis: Sellers Struggle To Face LINK’s Uptrend!

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