Chainlink Price Continues Bullish Rally, Breaking Key Resistance Levels

Chainlink Price Continues Bullish Rally, Breaking Key Resistance Levels

The Chainlink (LINK) price has experienced a remarkable rally in recent days, hitting new yearly highs and offering a strong indication that the upward surge is far from over. Despite these positive developments, many traders have failed to recognize the bullish potential of LINK. Crypto analyst CobraVanguard has shed light on the current bullish state of Chainlink, drawing attention to key factors fueling its upward momentum. This article will analyze and explore the analyst’s findings in detail.

CobraVanguard has identified a bullish flag pattern on the LINKUSDT chart, signaling the possibility of a significant bullish movement. Notably, the Chainlink price has successfully broken through this flag pattern, further affirming its bullish outlook. This breakthrough marks a significant milestone for Chainlink’s upward trajectory in 2024.

One crucial factor contributing to the current price surge is the successful test of the major supply zone at $18. Initially, the LINK price faced resistance in clearing this level, but it has since burst through, providing a positive indication for continued upwards momentum. The analyst emphasizes that the flag pattern’s breakage is a critical development in Chainlink’s price trajectory.

In evaluating the Chainlink chart, CobraVanguard highlights two primary points of interest: the Supply Zone and the Target Price. The Supply Zone, situated at $18.3, has been breached by the LINK price, reinforcing the bullish sentiment. Moving forward, attention shifts to the Target Price, projected at $27. Although reaching this level will not occur without obstacles, as the chart suggests a potential correction below the $13 support, ultimately, the LINK price is anticipated to rally towards its target.

If CobraVanguard’s analysis holds true in the coming days and weeks, Chainlink may undergo a sharp 20% correction as the initial phase. Following this correction, a full 100% move upwards can be expected to propel the price towards the $27 mark. As of now, LINK bulls continue to dominate, with a notable 7% surge in the past day. Looking at the broader chart, the LINK price has climbed 27% in the last week, reflecting a market cap of $10.9 billion.

The Chainlink price has experienced a significant bullish rally, propelled by the breakthrough of key resistance levels. Despite this remarkable uptrend, many traders have failed to recognize the bullish potential of LINK. Analyst CobraVanguard sheds light on the underlying bullish factors, including the successful breach of the major supply zone and the projection of a target price at $27. While a potential correction looms, it is anticipated to be followed by a full upward movement towards the price target. The current performance of LINK signals a promising outlook for Chainlink’s future, but as with any investment, it is crucial for individuals to conduct thorough research and exercise caution.

Analysis

Articles You May Like

The Current State of XRP Price Analysis
The Aftermath of Terraform Labs’ $4.5 Billion SEC Settlement
The Current Status of Dogecoin Price and Future Predictions
The Current Downtrend of Solana Price

Leave a Reply

Your email address will not be published. Required fields are marked *