- Chainlink price broke out of a symmetrical triangle pattern, hinting at a 44% upswing.
- SuperTrend indicator’s recent buy signal adds credence to LINK’s bullish outlook.
- A six-hour candlestick close below $25.2 could kickstart a bearish scenario.
Chainlink price moved out of a technical formation opening up a possibility for a move higher.
Chainlink price eyes a higher high
Chainlink price slid into consolidation after hitting a local top at $37. Since then, the oracle token has created several lower highs and higher lows. By drawing a trendline that connects these reaction points, a symmetrical triangle pattern forms.
This setup projects a 44% upswing for Chainlink price determined by measuring the distance between the first swing high and low and adding it to the breakout point at $29.76. The target places LINK at $42.93.
Chainlink price’s 11% surge in a single 6-hour candlestick on Tuesday not only rose through the technical formation’s upper trendline but also triggered the SuperTrend indicator’s buy signal. Therefore, LINK seems primed for an upswing that could appreciate its market value by 44%, creating a new all-time high.
A decisive close above $31 will further confirm the bullish outlook for LINK and serve as a foothold for its next leg up.
LINK/USDT 6-hour chart
Regardless of the bullish outlook, a sudden surge in bearish pressure leading to a 6-hour candlestick close below $25.2 could invalidate the optimistic outlook for Chainlink price.
In such a case, a pile-up of sell orders could drag LINK down by 20% to $21.6.
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