Chainlink Price Breakout Triggers Short-Term Recovery Amid Reserve Inflows

The Chainlink price has broken out of a triangle pattern, indicating a potential short-term recovery for the cryptocurrency. The reserve's accumulation of additional LINK tokens has contributed to this momentum, with 129,095.37 tokens worth approximately $1.19 million being added recently.

This recent surge in buying pressure is attributed to the renewed bullish market sentiment, which has led to a rebound in Bitcoin and Ethereum prices. However, the Chainlink price could still face resistance from its downsloping exponential moving averages (50, 100, and 200).