The Chainlink (LINK) price has seen a 5% pump this week, trading around the $15 mark, the highest level since June. A prominent crypto analyst, World Of Charts, has updated his outlook on LINK’s price trajectory in a viral tweet.
The chart depicts Chainlink’s price history against USDT on the Binance exchange, spanning from 2021 to 2024. The trend shows a significant bear market decline from its all-time highs in 2021, forming a base through 2022 and 2023. Recently, LINK’s price has reversed into an uptrend, signified by higher highs and higher lows.
A strong support zone is evident around the $6-$8 range, highlighted by the accumulation phase through 2022. A secondary support has formed between $11 and $13, showing recent consolidation before the breakout attempt.
The first major resistance is around $22-$23, which corresponds to a horizontal level that LINK struggled with previously. Beyond that, the chart projects a price target of $50, which aligns with historical resistance from 2021’s peak price activity.
A Falling Wedge pattern is visible, a classic bullish reversal structure that often signals significant upward momentum upon breakout. Additionally, a bullish flag is forming in the short-term, characterized by the consolidation of recent gains, indicating a continuation pattern.
The highlighted price target of $50 represents a 256.99% increase from the current price of $15.09. A measured move approach from the flagpole and wedge breakout justifies this projection, as such patterns often yield dramatic recoveries in crypto markets.
The tweet highlights that Chainlink is nearing the culmination of its bullish flag breakout, acknowledging the reversal in trend, marked by higher lows and consistent upward movement. The author forecasts an initial resistance zone around $22-$23, which aligns with the chart’s structure, and a more optimistic projection targeting $50, relying on the assumption of sustained bullish momentum in the coming weeks.
Read also: ONDO Price Breakout: Is a Surge to $3 Next? Analysts Weigh In
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