As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of chart patterns and market trends. However, the recent bullish prediction for Chainlink (LINK) by crypto pundit Ali Martinez has caught my attention.
In the last several months, the value of Chainlink has experienced significant growth, mirroring a broader trend across the cryptocurrency sector. Even as the overall market has shown some signs of cooling down lately, Chainlink’s price has managed to stand out positively as the year draws to a close.
After a long wait of over two years, I’ve noticed that the Chainlink price has climbed back up towards $30, which is close to its current all-time high. As per an influential analyst on social media platform X, this rally might just be getting started, and a fresh price target could already be within reach.
How Chainlink Price Can Move Up To $34
In a recent post on the X platform, well-known crypto commentator Ali Martinez presented an intriguing forecast regarding the cost of Chainlink in the upcoming days. The expert opined that the pattern of LINK’s current price could indicate a potential bullish surge for the cryptocurrency.
This optimistic forecast is derived from the emergence of an ascending triangle structure on the 1-hour chart of LINK’s price graph. An ascending triangle, a pattern used in technical analysis, is identified by a flat line connecting the high points and an upward sloping line connecting the low points.
As a researcher, I usually find that ascending triangles are viewed as continuation patterns, with the price often breaking out in the same direction as the initial trend that forms the triangle. However, it’s important to note that while a breakout of the horizontal line is most likely, there’s also a possibility of a breach of the upward trend line.
Based on the chart, the Chainlink price has been consistently near the top horizontal line, slightly above the $30 point. As per Martinez’s analysis, if the LINK price manages to surpass this upper line, it requires an hourly candlestick to close above $30.4 for the breakthrough to be considered successful.
According to the crypto expert’s analysis, if Chainlink’s price manages to surpass its upper horizontal boundary, it might rise up to around $34 in the coming days. This potential increase equates to approximately a 15% jump from the present value of the altcoin.
LINK Price Overview
Currently, the Chainlink token stands at approximately $29.25, representing nearly a 5% rise over the last day. This growth is even more noteworthy when considering its performance on a weekly scale, where it has soared by more than 17%.
Based on information from CoinGecko, the price of LINK has dramatically increased by more than 120% during the last month. This makes it the 13th most significant cryptocurrency in the digital assets industry, boasting a market capitalization exceeding $18.3 billion.
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2024-12-15 12:22