Chainlinks Bullish Outlook: Strong Bounce Could Lead to $40.70
- Chainlinks upward trend within a rising wedge pattern suggests potential for continued bullish movement.
- A bounce off the $13.55 Fibonacci level aligns with rising wedge support, signaling an uptrend.
- Analyst sets targets at $25.80, $32.66, and $40.70, with an ideal entry zone between $13.50$15.50.
Chainlink is in an upward trend, making it have the potential to continue in the same direction through various technical factors. The cryptocurrency is still trading inside a rising wedge pattern with recent price movements touching a key Fibonacci retracement level. On Monday, in an X post, Rose Premium Signals pointed out that much like the lower bounded 0.786 Fibonacci level at $13.55 which buyers tend to defend as a congenital support level reflecting optimism on the upside.
Bounce off this level coincides with the lower touch on the rising wedge. This technical pattern indicates an uptrend in the near term which may signify a further up move. Consequently, if the trend is going to continue, LINK could potentially witness a major bullish run which in turn cause the price to increase even further.
Chainlinks Bullish Price Targets
Analyst proposes three primary levels for the establishment of the LINK Price. The first target is $25.80, the second which is slightly higher is $32.66. The third significant level of resistance to watch, though, is at $40.70, which is within the wedge formations upper trendline. Achievement of this target will ensure that the bullish trend continues with a possibility of breaking to new high for LINK.
The best entry zone for the trade is between $13.50 and $15.50. This area shows how far the bounce has occurred and where the price has been finding its support. Those who are interested in opening a long position should do so within this area. This in fact has the potential to push LINK to higher ranks in the coming weeks towards the targets we have establish on this bullish run.
The cryptocurrency market is still unstable, which has hed justified attention in Link price movements from investors. Notably, if the LINK market follows the rising wedge pattern, it will be able to post a huge scoop. The levels of $25.80, $32.66, and $40.70 are crucial to this potential rally. As of now, LINK is trading at $15.06, showing a 4.86% increase over the past day.
Source: TradingView
Currently, the chart pattern of Chainlink can be deemed quite favorable for the possibility of an upward movement. With strong support levels in place and the targets to the north seen as unobstructed, LINK can soar. While trading within the entry zone, traders should be careful and keen on price movements within the zone as well as changes in the overall trend.
Read more: https://www.tronweekly.com/chainlinks-bullish-outlook-strong-bounce-could/
Text source: TronWeekly
