The Chainlink (LINK) Price Surges to New Yearly Highs
The Chainlink (LINK) price has experienced a remarkable rally in the past week, reaching new yearly highs. With strong support above $18, this bullish surge indicates that the price increase is far from over.
Crypto Analyst Highlights Bullish Flag Breakout
According to a crypto analyst named CobraVanguard, the Chainlink price is currently very bullish despite many traders failing to recognize it. The analyst identified a bullish flag formation in the chart and revealed that the Chainlink price successfully broke out of this flag, signaling further bullishness.
LINK Enters Most Bullish Phase in 2024
Additionally, the analyst notes that the Chainlink price was testing a major supply zone at $18, which it has now surpassed. This breakthrough signifies that LINK has entered its most bullish phase so far in 2024.
Potential Price Targets for LINK
The analyst’s chart highlights two significant points of interest: the Supply Zone at $18.3 and the Target Price at $27. While LINK has already surpassed the Supply Zone, a correction below the $13 support level may occur before rallying towards the target.
If this analysis holds true, a sharp 20% correction could be followed by a complete 100% upward move, bringing the price to the $27 target level.
LINK Bulls Maintain Dominance
At present, LINK bulls continue to dominate with a 7% increase in the last day. Over the past week, the LINK price has risen by 27%, resulting in a market cap of $10.9 billion.
Hot Take: Chainlink Price Breaks Bullish Flag, Setting the Stage for Further Gains
The recent surge in the Chainlink (LINK) price has broken a bullish flag pattern, indicating that further gains are likely. Despite some traders failing to recognize the bullishness, the breakout from the flag formation suggests that LINK is entering its most favorable phase this year. With the price surpassing a major supply zone and potential targets set at $27, there may be a short-term correction followed by a significant upward move. As LINK bulls maintain dominance and the market cap reaches $10.9 billion, it appears that the positive momentum will continue.
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