As a seasoned crypto investor with several years of experience under my belt, I’ve seen my fair share of market fluctuations and price volatility. And lately, the inconsistencies in the Chainlink price have left me feeling a bit uneasy. The past week was particularly challenging for LINK investors, as bulls failed to maintain control over the token’s price.
Over the past few months, Chainlink’s price hasn’t matched the robust buying momentum it initially displayed in the new year. The previous week served as a clear illustration of these ongoing challenges for the coin, as bears managed to maintain significant influence throughout that time frame.
It seems that the uncertainty around the price of LINK may be resolved shortly, as a well-known cryptocurrency analyst has detected a bullish trend in the token’s price history.
How LINK Price Could Soar 48% To Reach $19
Crypto analyst Ali Martinez, known for his insights, has announced via social media X, an optimistic forecast regarding Chainlink’s future price trend. Despite its previous challenges, Martinez believes that this cryptocurrency may experience a reversal in its pricing within the upcoming weeks.
The reason for this optimistic forecast is the emergence of an inverted head-and-shoulders pattern on LINK‘s four-hour price chart. This technical analysis signal involves a lower low, or “head,” sandwiched between two “shoulders” – typically a lower low and a higher low.
Based on my extensive experience as a seasoned financial analyst, I can confidently say that chart formations play a pivotal role in predicting trend reversals in financial markets. Among these formations, the inverse head and shoulders pattern holds a special place for me due to its reliability and consistency.
In his recent update on X, Martinez pointed out that Chainlink’s price might surge toward $19 in the upcoming days based on his analysis. Nevertheless, it is essential for Chainlink to surpass the resistance line around $15, as depicted in the figure above, before this upward trend can materialize.
As an analyst, I would describe it as follows: Reaching a price of $19 would signify a nearly 50% surge from our current position for this altcoin. Such a development would be highly anticipated by its investors, who have been enduring the past two months with the coin trading below this level.
Chainlink Price At A Glance
Currently, the cost of Chainlink has risen slightly, surpassing $13.5, representing a 3.6% growth in the previous 24-hour period. Yet, this price rise falls short of reversing the token’s decline over the last week.
Based on information from CoinGecko, the Link token underwent a 3% decrease in worth during the last seven days. However, this digital currency remains amongst the leading 20 most valuable assets in the crypto sphere, boasting a market capitalization exceeding $8.2 billion.
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2024-07-27 12:35