Chainlink is gaining momentum in the crypto market following a recent breakout. Crypto analyst Satoshi Flipper shared some insights on X, highlighting the smooth price action of LINK and projecting targets of $22, $52, and potentially new all-time highs. The analysis is supported by technical data from the LINK/USDT weekly chart, suggesting strong bullish sentiment.
Chainlink Chart Analysis: Breakout Confirms Bullish Momentum
The weekly chart for LINK’s price showcases a clear descending triangle pattern that has broken to the upside, signaling a potential trend reversal. This pattern, often associated with bullish outcomes, is reinforced by consecutive green Heikin Ashi candles. The breakout has occurred with increased trading volume, a sign of growing investor interest and confidence in the asset’s upward trajectory.
Key support for LINK was established in the $5–$7 range, where the token consolidated extensively before its rally in 2021. With the breakout, the first resistance level at $22 is now in focus. This level aligns with LINK’s historical performance in mid-2022, making it a critical milestone in its current upward move.
Price Targets Backed by Historical Patterns
The breakout has traders eyeing $22 as the next major price target, a level that holds historical significance. Should LINK’s price surpass this resistance, the next target of $52 becomes achievable, aligning with its previous all-time high in 2021. Analysts believe that clearing these levels could open the door for new highs, provided the market conditions remain supportive.
Satoshi Flipper emphasizes a steady path for LINK, describing the price action as “smooth as butter.” The roadmap laid out includes initial resistance at $22, followed by a climb to $52, and eventually aiming for uncharted territory.
Read Also: Cardano (ADA) or Ripple (XRP) – Who Will Get to $2 First? Analyst Has a Winner
Risks and Market Conditions to Monitor
While the bullish breakout is promising, sustained volume and favorable market sentiment are required to maintain upward momentum. Broader crypto market dynamics, including Bitcoin’s dominance and overall sentiment, will play a significant role in LINK’s price ability to reach and exceed its targets.
A rejection at $22 or a drop back into the triangle pattern could signal the need for further accumulation. However, the current trajectory suggests strong support for LINK’s bullish case, making the upcoming price movements critical for traders and investors alike.
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