Chainlink has been struggling since its latest attempt at $30. It has been trying to hold on to the $24 support as the LINK/USD pair has been rocked by a more aggressive selloff after its previous aim at retesting $30.
Amidst the bearish situation with chainlink, the analyst believes that the coin may be on the verge of a massive breakout soon. Here is why;
Indicators
Several indicators are pointing to an impending increase in the value of LINK. One such indicator is the Moving Average Convergence Divergence (MACD). On the daily chart, the indicator is recovering from a dip. It almost intercepting to give off a bullish signal.
Another indicator that could herald the beginning of the surge to $50 is the Relative Strength Index. The indicator is currently in a dip with no signs of recovering anytime soon. If RSI continues to dip it may hit the oversold region which is very unlikely. A resuscitation of RSI will mark the beginning of a price hike.
As of the time of writing, the Pivot Point Standard still tells that Chainlink is bullish. This is because the coin is trading above its pivot point and a little below a pivot resistance.
Once the price surge starts, we will expect the LINK/USD pair to flip the first resistance at $25.5. The next resistance is at $30 and this will flip with enough pressure from the bulls.
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Switzerland-based telecommunication company, Swisscom chose Chainlink for a pilot program recently. The company is 51% owned by the Swiss government, and the telecom operator currently has more than 19,000 employees and 6 million subscribers.
An Ethereum-based decentralized exchange (DEX) and liquidity provider, Bancor announced that its upcoming version would integrate chainlink to work as external triggers for smart contracts.
All of these developments only point to one direction: a massive price rally. The price increase may not be as fast as anticipated.
