Chainlink Price Prediction: Can Triple Top Breakout Push LINK to $28?

• Chainlink price prediction is strongly bullish above the $25.27 support level.
• LINK/USD pair is trading near the 26.55 mark, having violated the widely held trading range of 24.49 – 25.99.
• Forex trading market participants should look for a buy trade above the $26.10 level.

The LINK/USD coin pair extended its early-day bullish rally and flashed green around above the $26.00 level. The pair was trading at $25.88, up 1.45% on the day. Chainlink price prediction remains bullish on Wednesday as it has already violated the 25.30 resistance level. However, the bullish bias around the LINK/USD prices was mainly sponsored by the optimistic appearance of the crypto market.

This was witnessed after the Bitcoin price traded as high as $46,546, similar to ETH. Bitcoin made a few attempts to settle over $46,000. However, it failed. BTC is still trading above $45,000 and the 100 hourly simple moving average. 

The recent rally of the world’s leading cryptocurrency had a positive impact on LINK prices. The LINK/USD pair is trading near the 26.55 mark, having violated the widely held trading range of 24.49 – 25.99.

The recent rally of the world’s leading cryptocurrency, Bitcoin, positively impacts the crypto market, including Chainlink prices. This has spent many days trading in a tight range near $23.00- 24.00. Trading volume increased, and Chainlink looks ready for more action. 

Chainlink Soars Despite Stronger Dollar

On the flip side, the buying bias surrounding the greenback was significant, which kept the pressure on any extra gain in the LINK/USD coin pair. At the USD front, the broad-based US dollar succeeded in extending its previous four-day bullish rally. Therefore, it remained well bid on the day as the passage of US President Joe Biden’s infrastructure spending pushed the US dollar up. 

Meanwhile, the previously released robust US data fanned concerns over tapering and rate hikes. This also pus a positive impact on the US dollar prices.

Chainlink Price Prediction – Daily Technical Analysis: Triple Top Breakout 

Chainlink price prediction is strongly bullish above the $25.27 support level. The LINK/USD pair has already violated the triple top resistance level, and now it’s working as a support. 

On the 4-hour chart, the LINK/USD pair has closed a “Three White Soldiers” candlestick pattern, suggesting solid bullish bias among investors. Therefore, the odds of LINK to test 28 resistance level remains pretty solid. 

On the bearish side, the $25.27 support level violation can lead the LINK/USD pair towards $24 and $22.18 levels. In contrast, a bullish breakout of $28 can lead the LINK towards a $29.64 resistance level. 

The 50 days EMA (exponential moving average – red line) supports a strong bullish trend in the LINK/USD. While the oscillator indicator Stochastic RSI is suggesting a dramatic buying trend.  

Thus, the Forex trading market participants should look for a buy trade above the $26.10 level. The initial target remains at $27.65 and $28.85. All the best. 

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