Crypto Pundit Sees Chainlink Price Rising To $100 Soon

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As a seasoned crypto investor with a keen eye for spotting promising trends and patterns, I find myself intrigued by the recent bullish predictions for Chainlink (LINK). Having weathered numerous market cycles and witnessed both spectacular highs and gut-wrenching lows, I must admit that the prospect of LINK hitting $100, as suggested by WSB Trader Rock, seems audacious but not entirely implausible.

In November, Chainlink experienced a recovery and seems poised for its strongest monthly performance since May. This surge in LINK price occurred concurrently with the broader cryptocurrency market upswing, further boosting the upward trend. One analyst anticipates that this growth is only getting started and predicts that the Chainlink price may reach $100, bolstered by both technical indicators and underlying factors.

Crypto Analyst Sees Chainlink Price Soaring To $100

On platform X (previously known as Twitter), market analysts express optimism about Chainlink’s potential for further growth. In a recent post on the same platform, WSB Trader Rock – known for his accurate predictions – foresees the coin reaching $100 in the short term. He believes this price surge to $100 will be validated if the coin manages to surpass the significant barrier at $20, acting as a catalyst for the expected increase.

As a researcher delving into the world of cryptocurrencies, I’ve taken notice of Bubbafox’s optimistic outlook towards Chainlink (LINK). He predicts that the LINK price could potentially surge to an impressive $2,000, representing an astronomical 11,000% increase from its current value. This forecast is primarily founded on his chart regression analysis, specifically focusing on the weekly chart.

LINK Technical Analysis: Prepares A Massive Pump

1) Chainlink’s price has surged more than 123% from its August low, following a similar trend among other cryptocurrencies. Currently, it stands at a significant barrier at $19.18 as indicated by the daily chart.

At this point, we’ve reached a significant stage because it represents the peak of the inverted ‘U’ or ‘cup and handle’ formation. Typically, an asset experiences consolidation or correction as it reaches such a high point, which seems to be the case here.

A typical Candlestick & Hammer (C&H) configuration frequently triggers a robust bullish surge because it’s one of the most commonly used continuation signals. Meanwhile, the coin has developed a bullish pennant structure, characterized by an extended flagpole and a triangular pattern. Similar to the C&H, this is another highly optimistic chart formation in the market.

The 50-day and 200-day moving averages for Chainlink’s price have intersected in what is known as a “golden cross” pattern, indicating a potential bullish trend.

Consequently, it’s likely that the coin could experience a significant surge in value, particularly if Bitcoin reaches $100,000. If this occurs, the price might rise to $22.90, its year-to-date high, which is approximately 27% higher than its current value. A spike in trading volume above this level could suggest a further potential increase toward $50.

If LINK’s value falls beneath the crucial support level at around $16 (slightly below the base of the pennant structure), the optimistic perspective may no longer hold true. This could potentially lead us to a new price point around $13, which was a significant swing point on September 28th.

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2024-11-29 14:08