Chainlink [LINK] To Soon Be Reigned By The Bulls

Not long ago, Bitcoin had taken every coin to the moon. However, at the time of writing several assets were seen enduring a slump. While Chainlink [LINK], Ethereum [ETH], and Bitcoin [BTC] were the least affected by the current downfall, few other coins like Bitcoin Cash [BCH], Cardano [ADA], and Polkadot [DOT] were seen dealing with significant losses.

At the time of writing, LINK was trading for $13.10 with a 1.25% dip in the last 24-hours. The coin had endured a major drop of 8.96% over the last seven days. The coin managed to retain its position as the seventh-largest cryptocurrency with a market cap of $5.165 billion.

Chainlink [LINK] One Hour Price Chart

Two converging lines were formed on the one-hour price chart of Chainlink [LINK]. The upper trend line was formulated by lower highs at $13.57, $13.22, and $13.19. This was followed by higher lows at $12.75, $12.88 as well as at $12.89. The pattern formed in this chart was further identified to be a pennant. While it embodied the characteristics of a symmetrical triangle pattern, the short term formation, as well as the depreciation in volume, affirmed the formation of a pennant. The direction of breakout during the formation of the aforementioned pattern is usually upwards.

The daily moving average indicator also pointed the coin towards the bulls. The 50 daily moving average [Blue] was reposing above the 100 daily moving average [Orange] in the one hour price chart. This crossover is usually bullish and the indicator was seen affirming the presence of bulls.

Chainlink [LINK] With Key Indicators

The key indicators used in the one-hour price chart of LINK revealed a perplexing notion. The Bollinger Bands indicators were seen slightly close to each other, however, it seemed like it was diverging. This further indicated that the LINK market was gearing up for an increase in volatility. The Awesome Oscillator indicator had seen recently breaking off from its recent green trend. The indicator that was siding the bulls had switched sides with the formation of a red closing bar.