Will Chainlink Break Out of Present Consolidation, as Bulls Halt Recovery?

• Chainlink has recorded a modest price dip of 1.69% in the last 24 hours. 
• The altcoin’s daily trading volume has shown a mild increase of 4.37% as per CMC data.

For days now the cryptocurrency market is refusing to budge beyond present prices. While community members hold out hope for bullish signs, the market continues to stagnate. Although the regulatory sector is booming, investors see rising FUD at the lack of price action. 

The largest cryptocurrency, Bitcoin is currently docked yet again at the $87K level. Meanwhile, other altcoins such as Chainlink have shown price recovery in the past week. In the past day, however, LINK has given in to market sentiments and recorded a modest price dip of 1.69%. 

In the Asian afternoon hours of March 26, the altcoin was trading closer to the $16 range. As bearish candles sparked, Chainlink then receded to the $15.7 level after testing a support of $14.98. At the time of writing, LINK was trading at $15.72 as per CMC data. 

Zooming out, onto its weekly chart, Chainlink shows signs of recovery from the past dips. At the week’s beginning, the altcoin was trading at a low of $14.16 being afflicted by market crashes. However, it now depicts a 6.45% increase which aided it to reach current trading levels. 

Will the Chainlink Bulls Resurface? 

On analyzing its recent trading patterns, Chainlink shows the beginning of an Ascending channel. This channel suggests that the altcoin might witness additional upward movements in the coming days. Although, the previous day has recorded a dip, the pinnacle view suggests positive trends. 

Meanwhile, LINK’s bull power indicator value stands at 4.54 while its bear power indicator value stands at -5.00. Although bears show strength, bullish signs are inching closer in this technical indicator. Furthermore, Chainlink’s RSI value stands at 54.16 as per TradingView data. 

This points to a positive sentiment in the market and thus leading to a prediction of incoming bullish trends. Meanwhile, other altcoins such as Maker have shown significant price surges in the past day. 

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