Chainlink Bullish Chart Pattern Hints At $34 Target – But Can It Break Through?
03 Januar 2024 - 9:00AM
NEWSBTC
As the calendar turned to 2024, numerous cryptocurrencies
experienced a positive start, and among them, Chainlink (LINK)
stood out. The notable highlight was the emergence of a bullish
pattern on Chainlink’s price chart, indicating a heightened
likelihood of an impending bull rally. This positive momentum in
the early days of the year hinted at favorable market conditions
for Chainlink and garnered attention from investors and analysts
alike. The formation of this bullish pattern added an optimistic
outlook to the prospects of Chainlink, creating anticipation for
potential upward price movements in the near future. Bullish
Pennant Signals Potential Breakout For Chainlink The Chainlink
platform, which is compatible with Ethereum and well-known for
enabling decentralized oracles, is currently trading above $15,
data from Coingecko shows. Related Reading: Is Internet Computer
(ICP) The Next Big Thing? 60% Jump Raises Eyebrows Ali Martinez, a
popular crypto analyst, pointed out a bullish pennant pattern being
formed on Chainlink’s chart. The chart shows Chainlink’s price over
the past few days. There is a bullish pennant pattern forming,
which is a technical indicator that suggests a potential breakout
to the upside. #Chainlink shows signs of a bull pennant formation.
A decisive close above $17.2 could be the catalyst for a breakout,
potentially propelling $LINK toward $34. However, keep an eye on
the $14.2 level – a drop below this could invalidate the current
bullish outlook for #LINK. pic.twitter.com/N9e6peREPn — Ali
(@ali_charts) January 1, 2024 The pennant is formed by two
converging trend lines, one above and one below the price. The
breakout occurs when the price breaks above the upper trend line.
Martinez has identified the resistance level at $17.2. If
Chainlink’s price can close above this level, it could be a signal
that a breakout is happening and that the price could rise to $34.
However, if the price falls below the support level at $14.2, it
could be a signal that the bullish momentum is weakening and that
the price could fall further. Overall, the chart suggests that
Chainlink is in a bullish position and that there is a possibility
of a breakout to the upside. However, it is important to note that
technical analysis is not always accurate, and there are many other
factors that could affect Chainlink’s price. LINK market cap
currently at $8.8 billion. Chart: TradingView.com Analysts’ LINK
Predictions Changelly cryptocurrency analysts have provided a price
estimate for Chainlink for the next weekend. The analysts predict
that this weekend, LINK will trade between a minimum of $16.28 and
a maximum of $17.71. They anticipate that LINK will be valued at
$17 on average. Related Reading: SEI Price Soars Over 80% – How
High Will The Altcoin Climb In 2024? Meanwhile, Lark Davis,
another popular crypto analyst has a more fearless forecast for
Chainlink. He said the coin will soon witness a significant surge
and “shock the crypto world.” Davis indicated that the Chainlink
network had a promising future. He revealed that he had a sizeable
portion of LINK, despite acknowledging the inherent dangers
associated with cryptocurrency investing. According to the analyst,
Chainlink’s alliances and technology continue to undervalue it. The
Grayscale Trust Trading at premiums exceeding 200% to the spot LINK
price, Davis said, indicates that institutional investors are
becoming more interested in LINK. The price projection for
Chainlink indicates that it may increase to $126 in 2024. Featured
image from Shutterstock
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