Chainlink (LINK) Poised for Parabolic Price Move: Analyst Eyes Similar Trend To Ethereum’s(ETH) Rally- Here’s His Outlook
In a noteworthy revelation, LinkTOAD General HBARI, a noted cryptocurrency analyst, announced a comprehensive analysis, shedding light on Chainlink’s (LINK) market behavior. Interestingly, he compares LINK’s patterns with Ethereum’s (ETH) historical data. According to HBARI’s analysis, LINK is repeating many of the same patterns that ETH exhibited before its insanely parabolic run.
HBARI draws parallels between LINK’s current position and ETH’s standing on November 24th, 2020, when Bitcoin (BTC) was nearing its all-time high. At that time, ETH’s USD-denominated long positions peaked at its 4.236 Fibonacci extension, foreshadowing the start of ETH’s parabolic move a month later, on December 24th, 2020.
What you'll learn 👉
Potential for a $150 LINK Price Target
The analyst suggests that if LINK’s USD-denominated long positions reach their 4.236 Fibonacci extension, it could signal an “epic ballcrushing parabolic move.” Factoring in inflation, HBARI boldly predicts that if LINK follows a trajectory similar to ETH’s, the token could potentially peak around $150.
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Show more +Massive Market Cap Implications
HBARI’s analysis extends beyond just the price prediction, delving into the potential market cap implications. The analyst states:
“JUST TO ADD TO THIS…A 705% MOVE FROM HERE. JUST LIKE $ETH DID IN MARKET CAP IN 2020 WOULD PUT $LINK AT A MARKET CAP OF $82-88 BILLION USD THIS IS EXACTLY THE 4.236 EXTENSION ON THE MARKET CAP OF $LINK CHART CHECK THE IMAGE OUT BELOW. $150 $LINK IS PREPROGRAMMED.”
Sideways Action Before the Potential Surge
However, HBARI cautions that there might be a period of sideways action before the potential surge. The analyst estimates that LINK has “AT LEAST 30 DAYS BEFORE $LINK COMPLETES SIDEWAYS ACTION,” based on the analysis of ETH’s behavior during the previous cycle.
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