Chainlink Forms Bullish Pattern Indicating Potential 300% Price Rally
Chainlink (LINK) experienced a 9.55% decline on March 11, with trading volume increasing by 28.64%, indicating higher selling activity. Its market cap stands at $8.16 billion, reflecting a 31% drop over the past month.
Megaphone Pattern Indicates Potential 300% Rally
A megaphone pattern has formed on LINK's weekly chart, characterized by diverging trendlines connecting higher highs and lower lows. Currently approaching the lower boundary, LINK could rebound towards the $30 resistance level, aligning with the 50% Fibonacci retracement. A breakout above this level may lead to a surge toward $45.
A breakdown below the lower boundary would invalidate this bullish outlook and target support at $5.57.
LINK Price Analysis
The Relative Strength Index (RSI) is at 34.28, nearing oversold territory. If it drops below 30, LINK may be undervalued and ready for recovery. The price is testing support at the lower Bollinger Band at $12.46, with potential short-term gains toward the upper band at $18.76.
The 20-day Exponential Moving Average (EMA) is at $15.64, acting as key resistance. A move above this EMA might confirm bullish momentum, while failure to reclaim it could lead to further declines.
Chainlink Under Trump Administration
Data indicates U.S. government wallets hold over $1.28 million in LINK. President Trump announced the inclusion of seized digital assets in the U.S. Crypto Reserve, emphasizing "Made in America" cryptocurrencies. Chainlink co-founder Sergey Nazarov recently attended Trump's White House Digital Asset Summit, highlighting the need for U.S. leadership in blockchain and Web3 infrastructure.