Having hit a low of 20.12 last week, Chainlink has been able to firm over the weekend, breaking above the falling wedge pattern. Today’s 7.41% surge has come off a bounce on the 22.47 support, allowing for the breakout move to flourish.
However, the LINK/USDT pair remains well off its 5 May all-time highs, and any recovery at this time is likely to be short-lived. The Chainlink price prediction is for the price to recover towards the $29 mark, with further upside requiring big bullish impetus to be actualized.
True recovery needs to clear the $35 mark, set on 27 May, to pick up the pace for upside price action approaching the all-time highs.
The Chainlink price prediction outlook examines the picture on the daily chart, where the falling wedge pattern is on its way to the expected bullish resolution. The projection of the measured move should see Chainlink touch off the 18 April low at 28.80. The bullish breakout move needs to take out the resistance at 26.27 for this to happen. Extension of this move brings in 31.74 into the mix.
On the flip side, a rejection at 26.27 allows for a corrective decline towards 22.47. 20.12 and 16.47 serve as additional targets to the south if this decline is extensive.
