Chainlink Shows Signs of Bull Pennant Formation, LINK Could Hit $34 If It Breaks Above This Level: Analyst

Veteran crypto trader Ali provided an update on Chainlink’s ($LINK) price action this week, noting signs of a bullish pennant pattern developing on its chart:

On the daily timeframe, Chainlink can be seen trading within a clearly defined pennant structure over the past couple weeks. This features gradual converging trendlines connecting the series of higher lows and lower highs.

A decisive breakout above the top trendline, which currently aligns with resistance around $17.20, could confirm the bull pennant. Measuring the size of the previous move into this pattern projects a potential breakout target around $34.

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However, pennants can also resolve bearishly with breakdowns below support. For LINK, invalidation of the current bullish outlook would likely come with a drop back below $14.20 – the origin of the recent advance.

In summary, Chainlink appears to be consolidating within a textbook bull pennant formation, according to technical analyst Ali. An upside resolution could see significant upside continuation towards $34, but continued trading within the pattern or breakdowns below $14.20 would negate that bullish potential. Traders can plan entries and stop losses accordingly based on these technical levels.

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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.