Chainlink (LINK) Bullish Pattern Could Ignite A Breakout: Analyst Sets $15 Target
06 Octobre 2024 - 1:30AM
NEWSBTC
Chainlink is currently trading in a bullish pattern that has been
developing for at least seven months, capturing the attention of
analysts and investors alike. Many are eagerly anticipating
Chainlink to surge during this cycle and finally reclaim new
all-time highs. The extended consolidation phase has kept traders
on edge, as they await a significant breakout. Related Reading: XRP
Price Bullish Potential Grows – A Surge Above $0.65 Will Trigger
Buyers Renowned crypto analyst Lucky has shared an insightful
prediction regarding Chainlink’s potential trajectory. According to
Lucky, the key lies in LINK breaking above its current
consolidation range, which would set the stage for a strong upward
move. He suggests that once this breakout occurs, Chainlink could
quickly surge toward a short-term target of $15. With bullish
sentiment building around this major resistance level, Chainlink’s
price action in the coming days could be crucial in determining its
direction. Investors are closely monitoring the market, watching
for signals that LINK is ready to break free from its long-standing
range and enter a new phase of growth. Chainlink Price Action
Turning Bullish Chainlink’s price action has been largely bearish
since hitting its yearly high in March, with the asset now stuck in
a prolonged consolidation phase. However, many analysts believe
this consolidation could be nearing its end. One top analyst,
Lucky, has recently shared a bullish technical analysis on X,
offering an optimistic outlook for Chainlink. Lucky’s analysis
reveals that LINK is trading within a falling wedge pattern, a
formation often associated with potential bullish reversals.
According to his chart, Chainlink has touched the lower boundary of
this wedge three times, signaling strong support, and now appears
to be gearing up for a breakout from its yearly consolidation
range. He predicts that this breakout could happen as early as
October, potentially triggering a surge in LINK’s price. Related
Reading: Solana (SOL) Holds Above $140 As Funding Rate Signals
Bullish Momentum Lucky has set several bullish price targets once
Chainlink breaks out of this consolidation phase. The first target
is $15, followed by more ambitious targets at $19 and $22. These
price levels would represent significant gains from Chainlink’s
current price and mark a strong recovery from the bearish trend
that has dominated most of 2024. With bullish patterns emerging,
investors are closely watching for Chainlink’s next move,
anticipating that a major breakout could propel LINK toward these
optimistic price targets. Technical Analysis: Key Prices To Watch
Chainlink (LINK) is currently trading at $11.09 and is testing a
key resistance level, the 4-hour 200 moving average (MA) at $11.10,
after a 7% surge since Thursday. This level has become a
significant hurdle for bulls, as the price has struggled to break
above the indicator. For the bullish momentum to continue, LINK
must push past this indicator and aim for higher supply zones
around $13. However, the current price action suggests that bulls
are finding it difficult to gain strength at this critical level.
Should LINK fail to break above $11.10 and reclaim the higher
resistance, a correction may follow. In that scenario, the price
could dip to a lower demand zone, with the next key support level
at $9.2. Related Reading: Can SUI Break Past $2 Resistance?
On-Chain Metrics Reveal Growing Demand The coming days will likely
determine whether LINK can maintain its upward trajectory or see a
pullback in price. A successful breakout above the 4-hour 200 MA
could signal further gains, while failing to do so may result in a
bearish correction. Featured image from Dall-E, chart from
TradingView
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