Customise Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorised as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyse the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customised advertisements based on the pages you visited previously and to analyse the effectiveness of the ad campaigns.

No cookies to display.

Connect with us

Chainlink Bullish Chart Pattern Hints At $34 Target

Chainlink Bullish Chart Pattern Hints At  Target

Education

Chainlink Bullish Chart Pattern Hints At $34 Target


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.

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.

READ ALSO:  Employer-Specific Work Permit for the New Innovation Stream

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.

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.

READ ALSO:  Where's The Innovation In Education Coming From?

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

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.




#Chainlink #Bullish #Chart #Pattern #Hints #Target

Source link

Continue Reading
Advertisement
You may also like...

More in Education

To Top