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.
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…
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