LINK was not one of the altcoins that pumped heavily this week during the market recovery. In fact, Chainlink’s price is up around 7% this week, which is a lot less than some other altcoins that have pumped 20% or more.
However, considering huge fundamentals Chainlink has, this coin is always interesting topic for us.
Ali, an elite crypto analyst and trader, updated his LINK price prediction today. At the time of writing, the price is around $14.
Ali noted that Chainlink appears to be forming a head-and-shoulders pattern on the 4-hour chart. He suggests that a close above $14.7 could potentially send LINK to $18.3.
The head-and-shoulders pattern is a popular technical analysis tool used by traders to predict potential trend reversals. It consists of three peaks, with the middle peak (the head) being higher than the two surrounding peaks (the shoulders).
If the pattern plays out as Ali suggests, it could indicate a bullish move for LINK.
The short-term price analysis and predictions are interesting for traders, but it’s also worth taking about Chainlink’s long-term potential. The project has established itself as a leading oracle network in the blockchain space, providing reliable off-chain data to smart contracts.
Chainlink’s partnerships and integrations with various blockchain projects continue to grow. This could potentially strengthening its position in the market.
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