Chainlink Repeats Bullish Pennant as MACD Golden Cross Signals Potential Rally

Chainlink repeats a bull pennant and breakout pattern similar to August, when the price surged from $18 to over $28.

The MACD indicator approaches a golden cross at nearly the same level as before, aligning with the previous 55 percent rally.

Current LINK price stands at $24.71, with a 10.83 percent weekly gain, while traders eye resistance near the $30 mark.

Chainlink (LINK) is displaying a familiar technical structure that traders have seen before. The price pattern suggests a possible continuation if market conditions align with past movements.

Recurrent Bull Pennant Formation

The daily chart for LINK shows a pattern that resembles last month’s formation. In August, the asset created a bull pennant with compressed price action. That consolidation phase ended with a breakout before the MACD golden cross occurred.

After the breakout, momentum increased sharply once the MACD crossover was confirmed. This sequence carried LINK from around $18 to levels above $28. The rally accounted for a near 55 percent gain within a short timeframe.

Currently, LINK has developed another bull pennant. The structure is defined by lower highs and higher lows, reflecting steady compression. This setup mirrors the earlier pattern, increasing market attention on the current move.

Breakout and MACD Golden Cross Alignment

According to market analyst Lark Davis, LINK has already broken above the resistance level of the new pennant. This is similar to the move seen before the previous rally. The breakout comes as the MACD indicator prepares for another bullish crossover.

What draws additional interest is the positioning of the MACD. The indicator is approaching a crossover at nearly the same level recorded during the last breakout. This fractal-like alignment is rare and strengthens technical observations.

In trading cycles, repeating chart structures often attract traders seeking confirmation. The current pattern therefore raises expectations for another extension, if momentum follows through.

Price Outlook and Market Context

Crypto analyst Ali suggested on social media that Chainlink could be preparing for a parabolic move. The structure of the chart gives traders room to anticipate further upside if history aligns.

Based on the prior 55 percent move, traders estimate a possible target range between $36 and $38. Immediate resistance, however, remains close to the $30 level, which could influence short-term positioning.

As of today, Chainlink trades at $24.71 with a daily decline of 1.94 percent. Despite this, the token has gained 10.83 percent over the past seven days, maintaining bullish market attention.

The post Chainlink Repeats Bullish Pennant as MACD Golden Cross Signals Potential Rally appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.