Bitcoin

Chainlink

strong bull

Reversal

The post <a rel="nofollow" href="https://coinpedia.org/price-analysis/link-price-analysis-trend-reversal-for-link-arrives-12-next/">LINK Price Analysis: Trend Reversal For LINK Arrives, $12 Next?</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
As Bitcoin sustains $30,000, the bullish momentum rubs off on most of the altcoins, driving a new bull run. Among the altcoins, Chainlink remains on the top of weekly gainers, with remarkable returns leading to a long-term pattern breakout. 
With the high momentum breakout rally, the <a href="https://coinpedia.org/price-prediction/chainlink-price-prediction/">LINK price prediction</a> is projecting a prolonged uptrend.&nbsp; 
<figure class="wp-block-image size-large">
 <img decoding="async" width="1024" height="478" src="https://image.coinpedia.org/wp-content/uploads/2023/10/23132640/LINKUSD_2023-10-23_12-59-00-1024x478.png" alt="" class="wp-image-238895" srcset="https://image.coinpedia.org/wp-content/uploads/2023/10/23132640/LINKUSD_2023-10-23_12-59-00-1024x478.png 1024w, https://image.coinpedia.org/wp-content/uploads/2023/10/23132640/LINKUSD_2023-10-23_12-59-00-300x140.png 300w, https://image.coinpedia.org/wp-content/uploads/2023/10/23132640/LINKUSD_2023-10-23_12-59-00-768x359.png 768w, https://image.coinpedia.org/wp-content/uploads/2023/10/23132640/LINKUSD_2023-10-23_12-59-00-1536x718.png 1536w, https://image.coinpedia.org/wp-content/uploads/2023/10/23132640/LINKUSD_2023-10-23_12-59-00-150x70.png 150w, https://image.coinpedia.org/wp-content/uploads/2023/10/23132640/LINKUSD_2023-10-23_12-59-00.png 1952w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure> 
Gaining momentum over the weekends, the LINK price completes the cup and handle pattern to give a bullish breakout. Moreover, the breakout rally exits a long-coming resistance trendline, reflecting the strong underlying bullish sentiments.&nbsp; 
Making four consecutive bullish candles to give a 42% jump, the LINK price exceeds the $10 mark. Currently, the LINK price exchanges hands at $10.420 with an intraday growth of 2.17% and a long wick formation.&nbsp; 
With a short pullback evident with the long wick, the bull run may soon lose momentum to test the breakout levels. 
<figure class="wp-block-image size-large">
 <img decoding="async" width="1024" height="478" src="https://image.coinpedia.org/wp-content/uploads/2023/10/23132705/LINKUSD_2023-10-23_12-58-20-1024x478.png" alt="" class="wp-image-238896" srcset="https://image.coinpedia.org/wp-content/uploads/2023/10/23132705/LINKUSD_2023-10-23_12-58-20-1024x478.png 1024w, https://image.coinpedia.org/wp-content/uploads/2023/10/23132705/LINKUSD_2023-10-23_12-58-20-300x140.png 300w, https://image.coinpedia.org/wp-content/uploads/2023/10/23132705/LINKUSD_2023-10-23_12-58-20-768x359.png 768w, https://image.coinpedia.org/wp-content/uploads/2023/10/23132705/LINKUSD_2023-10-23_12-58-20-1536x718.png 1536w, https://image.coinpedia.org/wp-content/uploads/2023/10/23132705/LINKUSD_2023-10-23_12-58-20-150x70.png 150w, https://image.coinpedia.org/wp-content/uploads/2023/10/23132705/LINKUSD_2023-10-23_12-58-20.png 1952w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure> 
With a long-term breakout visible in the weekly chart, a bullish engulfing candle exits the falling channel with a bullish engulfing candle of 37% jump. Moreover, the breakout rally increases the chances of a trend reversal and a golden crossover in the weekly chart. 
Technical indicators: 
EMA: In the daily chart, the 50 and 200 EMAs give a golden crossover and sustain a positive alignment.&nbsp; 
RSI indicator: The daily RSI line enters the overbought zone with a huge jump, reflecting a strong bull run.&nbsp; 
<h2 class="wp-block-heading" id="h-will-link-price-reach-12">Will LINK Price Reach $12?</h2> 
Currently, the LINK price rides a high-speed bull run, the breakout signals a trend reversal. Further, the improving market conditions increase the likelihood of increased demand for Chainlink.&nbsp; 
Therefore, the anticipations of a price jump to $12 are increasing significantly. However, a retest of the trendline breakout is possible as the long wick teases a loss in momentum.&nbsp;

LINK Price Analysis: Trend Reversal For LINK Arrives, $12 Next?

Table of Contents

CoinPedia News

Other articles published on Oct 23, 2023

Mysterious wallet linked to Abraxas darknet moves $144m to Bitcoin mixer

Worldcoin Foundation Switch Payment Method for Orb Operators

Bitmain to Launch a New Mining Machine for Aleo Blockchain Network!

XRP and ETH Comments, Ethereum London Hard Fork, and Ripple-SEC Developments

Economics professor states main threat for Bitcoin

World Blockchain Summit in Dubai Set to Unite Global Web3 Innovators and Decision-Makers

Join our free newsletter for daily crypto updates!