Chainlink Could Break Out From Bull Flag; Analyst Says LINK May Reach This Price After $14 Retest

Chainlink’s native token LINK looks primed for additional gains after breaking out of a bull flag formation, according to noted crypto trader Ali. He sees LINK heading back toward the $20 level if key support around $14 holds.

Ali pointed to Chainlink’s recent price action as carving out a bull flag pattern on the charts. This constructive setup involves a strong price surge higher, followed by a period of sideways consolidation before an eventual continuation upwards.

The flagpole of LINK’s flag came when prices spiked to $15 with a 5% surge in the last 24 hours. Now that LINK has been convincingly breaking above the flag’s upper resistance trendline in recent days, expectations are growing for the next leg to materialize. Ali believes LINK could revisit its breakout zone near $14 for a retest but will ultimately push toward $20 from here.

Crucially, LINK will need to maintain the $14 region as support on any pullbacks. Otherwise, failure to hold that floor could invalidate the bullish setup and lead to a deeper retracement.

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Still, if Chainlink can confirm its flag breakout by converting the $14 zone into a new platform for additional gains, its medium-term technical outlook will remain brightly bullish. 

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Rene Peters
Rene Peters

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.