The crypto space has landed in fresh turbulence as most tokens witnessed a significant plunge in the past few days. Displaying a diverse trend, the Chainlink (LINK) price continues its narrow consolidation between $7 and $8, indicating a higher possibility of massive price action in the coming days. Besides, the LINK price has been less reactive towards the minor swings since the start of the year; hence, the upcoming price trend continues to remain misty at the moment.
The LINK price began its journey, trading around 10 to 15 cents and soaring high to reach its ATH above $50. Since then, the price has faced excessive bearish action with extended selling pressure for more than 20 months. While the rest of the markets recovered more than 30% to 40%, the LINK price failed to even rise above $10. However, maintaining a close consolidation, the crypto has approached some crucial levels, breaking upon which a massive breakout is imminent.
A popular analyst, Rekt Capital, presents three major steps that may lead to a fine breakout towards the north.
According to the analyst, Chainlink price is required to do the following things to break into a new macro uptrend:
- Break the MACRO downtrend
- Successfully retest the macro-downtrend
- Breakouts beyond the range high resistance
The LINK price has risen above the yearly-descending trend line while maintaining a stagnant consolidation. Therefore, even if the trend faces an interim pullback, the trend line may act as strong support and trigger a fine rebound. If this trade plays out well, then the Chainlink (LINK) price could easily surpass the upper resistance and reach the milestone of $10. However, fewer chances of a bearish reversal are expected at the moment as the technicals continue to remain in bullish favour.
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