One very promising crypto asset that is performing very well today in the crypto market is Chainlink (LINK). Many experts have noticed LINK’s price path as current market circumstances offer a combination of volatility and stability. Under a background of restrained market movement, Chainlink’s technical patterns suggest a bright future.
Related Reading
Technical Analysis Shows Promise
According to new technical examinations, Chainlink is currently trading at $14.10, but a rise may be around the corner. It has been going down since it climbed recently. However, a well-known crypto expert, Ali Martinez, has seen a pattern form on the 4-hour chart that may just turn things around in LINK’s favor.
#Chainlink appears to form a head-and-shoulders pattern on the 4-hour chart. A sustained close above $14.7 could send $LINK to $18.3! pic.twitter.com/v566HWIIrR
— Ali (@ali_charts) July 21, 2024
Usually, this pattern – called the head and shoulders – indicates a negative trend reversal. Martinez points out, nevertheless, a major discrepancy in this situation.
There are three peaks in the head-and-shoulders configuration; the centre peakᅳthe headᅳis tallest. The two adjancent peaksᅳthe shouldersᅳhave almost the same elevation.
Usually, a decline below the necklineᅳwhich right now is at $14.63ᅳwould indicate a bearish change. Martinez advises, however, that Chainlink may ward off these negative consequences by keeping a price over $14.70, thereby paving the ground for a significant price rise to $18.3.
Chainlink (LINK) Price Projection
Based on the most recent analysis by CoinCheckup, Chainlink is selling around 90% below its projected value for next month. This notable undervaluation implies that LINK is presently going through a period of reduced price in relation to its expected future worth.
Technical signs and market circumstances point to a positive future with projections of a 35% rise over the next three months. This expected increase suggests a possible trend of stabilisation and recovery.
Longer-term forecasts seem much more positive. Forecasts of a 140% rise over the following six months reflect significant positive momentum and a potential recovery trend. The one-year projection of the platform supports this encouraging view even more by implying a 76% increase at the end of the year.
Such forecasts highlight Chainlink’s…
Click Here to Read the Full Original Article at NewsBTC…
