Analyst Says Chainlink Price Could Climb To $19 — Here’s How
2024年7月27日 - 6:00PM
NEWSBTC
In recent months, the Chainlink price hasn’t quite been able to
replicate the bullish strength it showed at the start of the year.
And the past week was a prime example of the coin’s recent
struggles, as the bulls failed to completely stamp control over the
last seven-day period. However, it appears that the LINK price
inconsistencies might be coming to an end soon, as a popular crypto
analyst has identified a bullish pattern on the token’s price
chart. How LINK Price Could Soar 48% To Reach $19 Prominent crypto
analyst Ali Martinez has shared — via a post on X — an exciting
prognosis on the future trajectory of the Chainlink price.
According to the crypto pundit, the cryptocurrency, which has
largely struggled, could be set for a price turnaround over the
next few weeks. Related Reading: Analyst Says XRP Remains Strongest
Compared To Bitcoin And Ethereum, Here’s Why The rationale behind
this bullish projection is the formation of an inverse head and
shoulders pattern on the LINK four-hour price chart. The inverse
head and shoulders formation is a technical analysis indicator that
features a head (a lower low) in between two shoulders (usually a
lower low and a higher low). This chart formation — whether in the
normal or inverse form — is a significant indicator for identifying
trend reversals. Specifically, the inverse head and shoulder
pattern suggests a shift from a bearish to a bullish trend when the
price breaks the neckline, an imaginary line that runs through the
peaks of the troughs. Martinez noted in his post on X that the
price of Chainlink could make a run towards the $19 mark over the
next coming days. However, the cryptocurrency must break above the
neckline around the $15 level, as shown in the chart above. A rally
to the $19 mark would represent an almost 50% price leap from the
current price. And a return to this price level would be most
welcomed by the altcoin’s investors, having spent the last two
months beneath it. Chainlink Price At A Glance As of this writing,
the Chainlink price has jumped slightly above $13.5, reflecting a
3.6% increase in the last 24 hours. However, this price gain is not
significant enough to wipe the token’s loss over the past seven
days. Related Reading: Toncoin Under Pressure As TON Price Falls
Below 100-Day SMA, $6 Looms According to data from CoinGecko, the
LINK token experienced a 3% decline in value in the past week.
Nevertheless, the cryptocurrency still ranks among the top 20
largest assets in the sector, with a market cap of more than $8.2
billion. Featured image from Unsplash, chart from TradingView
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