Chainlink (LINK) has surged within the past few days to newly established highs for the year and confirmed that the bullish trend is significantly strong. The support level that the LINK bulls maintained above $18 further gives signals that the ongoing push may be extended.
Navigating the market dynamics, crypto analyst CobraVanguard has given a new flair to the bullish onslaughts that Chainlink’s price is currently hit by. According to the observations put forth by the analyst, while it clearly shows signs of moving into a bullish trend, many traders are quite oblivious to the potential.
On the other hand, CobraVanguard sees a bullish flag pattern on the chart, with special attention given to the flagpole. The top news from this analysis has it that the formed bullish flag of the price of Chainlink is already broken, adding more dynamics for the increase.
As the analyst points out, it looks like LINKUSDT is, at the moment, following a Flag Pattern. This implies that we can expect a movement to the Measured Price movement, also known as the flag pole. This has to be put against the background of the coin being in its most optimistic stage in 2024.
LINK Soars: Breaking Barriers and Aiming for $27
The key bullish factor is the ability to test and breach the significant $18 supply zone, driving positive market sentiment. In the first rally, the LINK price found resistance against this zone, but now it has clearly crossed it and is currently moving toward $19. “The Flag Is Broken,” proclaimed the crypto analyst, marking a significant milestone in LINK’s upward journey.
This will be told in more detail by the detailed analysis made by CobraVanguard. Here the chart of Chainlink has two pivotal elements to speak of: the Supply Zone and the Target Price. The Supply Zone at $18.3 has already been broken, actually—is an optimistic movement.
Going forward, the Target Price is identified at $27, which offers potential moves of 100% upwards from the current levels. Meanwhile, the chart also points towards a potential correction with an expected 20% dip before rallying to achieve the target.
If this forecast from the analyst actually plays out over the course of the next days and weeks, then LINK could suffer a major 20% correction as the first sign. From there, a 100% upside move could propel it to reach the coveted $27 price target.
Moreover, crypto analyst Ali Martinez highlighted that Chainlink encounters robust resistance in the range of $19.40 to $20.03, with 5,330 addresses collectively holding more than 8.59 million $LINK. Successfully surpassing this barrier would pave the way for the next significant challenge at approximately $26.87. This indicates a potential 38% surge in price.
#Chainlink faces stiff resistance between $19.40 and $20.03, where 5,330 addresses hold over 8.59 million $LINK. But if #LINK can break through this supply wall, the next critical area of resistance is around $26.87, representing a 38% price increase! pic.twitter.com/g34fryPll5
— Ali (@ali_charts) February 5, 2024
As of the most recent data from CoinMarketcap, LINK is trading at 19.40. Moreover, bulls are exhibiting unwavering dominance and showcasing a robust 7% gain in the last 24 hours. On a broader scale, the LINK price has surged by an impressive 27% over the past week.
Moreover, traders and enthusiasts alike are closely monitoring Chainlink’s upward trajectory, eagerly anticipating the achievement of the coveted $27 target.
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