Chainlink’s price has surprised many with a massive breakout of a 20-month-long consolidation in Q4 2023. Now that the markets are entering the Q4 2024 trade, a similar breakout is expected to occur, but if the token archives certain levels. The price has earlier formed a triple-top pattern after a significant surge, which resulted in a notable pullback of nearly 25% from the neckline. However, the LINK price has successfully halted the excessive price drain and is trying to keep up the momentum to reach the interim resistance.
Will the LINK price rise above $15 and validate a rise above $22 in October?
The bears have been trying hard to drag the levels to a single-digit figure a couple of times, but the bullish presence at these levels prevented an excessive descending trend. Currently, the bulls are facing a lack of strength after rising above $11.35 and hence a small drop to $11 could be fast approaching. With this, the bulls are expected to regain dominance, but the Chainlink price is required to achieve certain levels to keep up the bullish momentum.
The weekly chart of the LINK price appears to be pretty bullish as the rally remains restricted within a bullish range of the Gaussian channel. The formations seem to have been repeating as the price is testing the lower bands of the channel as it did back in the first few days of 2022. Although the price triggered a rebound then, the bears slashed the price hard to $6, a 70% plunge. In the times when a similar trend may be expected, the technicals suggest that the bulls are slowly gaining their control back on the rally.
The selling pressure over the platform seems to have drained to a large extent, as seen in MACD, which is on the verge of a bullish crossover. The price is required to rise above the pivotal resistance at $12.4, which may validate the crossover and kick-start a fresh bullish action. The levels at $15 may cause some problems for the bulls, but they may remain determined to maintain a strong ascending trend.
Therefore, the Chainlink (LINK) price is required to initiate a 10% rise in September, which may trigger a 60% to 80% rise in the rest of 2024.
