As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of market fluctuations and trends. The recent surge in Chainlink (LINK) price, reminiscent of Ripple’s XRP, has caught my attention.
After a recent surge, Chainlink, the leading oracle in the cryptocurrency sector, has been on an upward trend for three consecutive weeks now. Cryptocurrency experts attribute this to its robust fundamentals and technical indicators, suggesting that LINK might experience a significant increase, similar to Ripple‘s XRP.
Chainlink Price Mirroring XRP and Rally 500%: Analyst
The price of Chainlink surged, reaching a significant hurdle at $20 for the first time since March 11. This upward trend coincided with the general rebound of Bitcoin and other cryptocurrencies, causing the Crypto Fear and Greed Index to climb to 85.
As a crypto analyst, I’m feeling quite optimistic about the potential for this digital currency. In a recent post, I’ve observed that the coin seems to be on the brink of a powerful bullish breakout. This is because it appears to have exited a multi-year falling wedge pattern. If my analysis is correct, we could see this coin skyrocket by an impressive 500%, which would propel its value up to approximately $120.
He mentioned XRP, which skyrocketed in November and increased by a whopping 400%, leading its total value to surpass $130 billion.
In a previous post, a well-known analyst named Crypto Rand anticipates that the coin’s price could surge if it surpasses its year-to-date high of $22.90. If this occurs, he thinks that the Chainlink supporters, often referred to as “Chainlink marines,” will step in and drive the price even higher. These “marines” are similar to the XRP Army, being dedicated members of the Chainlink community.
LINK Price Forecast As It Nears A Key Resistance
In simpler terms, the value of Chainlink has been experiencing robust technical indicators, leading to its recent surge over the past few weeks. This price movement resembles a “cup and handle” chart pattern, characterized by a horizontal line and a rounded base. This week, it managed to break above the upper boundary of this pattern, successfully surpassing a significant resistance level.
To find the price target of a C&H pattern, first determine the depth of the ‘cup’ by measuring it at 55%. Then, move that same percentage (55%) up from the bottom of the cup to get the target price, which is approximately $31.60.
The pattern for LINK resembles a golden pennant, which consists of an upright line and a triangle. This suggests that the price of this coin may continue climbing as bulls aim for the year-to-date high of approximately $22.85. If it surpasses this level, it could indicate further growth toward the C&H target at around $31.60.
The Chainlink price forecast bullish view will become invalid if the coin drops below the key support at $17, the lower side of the pennant’s triangle point. If this happens, the mean reversion could see it drop to the 200 EMA at $13.29.
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2024-12-02 15:10