Chainlink Price Could Reach $19: Analyst Says

Recently, Chainlink (LINK) hasn’t been able to maintain the strong gains it had at the beginning of the year. Last week, for example, the coin struggled to gain momentum as buyers couldn’t fully take control.

However, a well-known crypto analyst has spotted a bullish pattern on Chainlink’s price chart, suggesting that the recent price inconsistencies might soon come to an end.

Chainlink Price Could Rise to $19: Analyst’s Bullish Prediction

Prominent crypto analyst Ali Martinez has recently shared an optimistic outlook for Chainlink (LINK) via a post on X. Despite recent struggles, Martinez believes that LINK could experience a significant price turnaround in the coming weeks.

Martinez’s bullish prediction is based on the formation of an inverse head and shoulders pattern on Chainlink’s four-hour price chart. This technical analysis indicator features a central “head” (a lower low) flanked by two “shoulders” (one lower low and one higher low). This pattern is widely recognized as a signal for a potential trend reversal from bearish to bullish.

According to Martinez, for Chainlink to potentially reach $19, it needs to break above the neckline of the pattern, which is around the $15 level. Achieving this would represent nearly a 50% increase from its current price, providing a substantial boost for investors who have seen the altcoin linger below this level for the past two months.

Chainlink Price Update: Recent Gains and Weekly Performance

As of this writing, Chainlink (LINK) has seen a slight increase, rising just above $13.50, which represents a 3.6% gain in the last 24 hours. However, this recent uptick is not enough to counterbalance the token’s losses over the past week.

Data from CoinGecko reveals that LINK has declined by 3% over the past seven days. Despite this recent dip, Chainlink remains a significant player in the cryptocurrency market, holding a spot among the top 20 assets with a market capitalization exceeding $8.2 billion.

Source: LINKUSDT chart on TradingView

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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