Will Chainlink’s potential bull flag lead LINK to $50? Gauging…
The post Will Chainlink’s potential bull flag lead LINK to $50? Gauging… appeared on BitcoinEthereumNews.com.
If the market supports Chainlink’s bullish structure formation, then LINK might rally to $50. Hpwever, a short-term pullback can be expected first. A week of price hikes, Chainlink [LINK] somewhat seemed to have entered a consolidation zone. Nonetheless, the token managed a breakout above a multi-year pattern. Though the coming few days might be quite, a push from the overall market could send LINK to new highs. Chainlink’s next plan AMBCrypto’s analysis of the token’s daily chart revealed a notable development. A bullish symmetrical triangle pattern emerged on LINK’s chart in 2021. Since then, the token’s price has been consolidating inside it, only to break out a few days ago. After the breakout, LINK’s upward momentum declined. But this just be the beginning of a new chapter. The breakout suggested that there are possibilities of LINK forming a bullish flag pattern. If that happens and market conditions align, LINK might retest its ATH and reach $50 in the coming months. Source: TradingView A breakout above the bull flag amidst an altcoin season could trigger this massive rally. In fact, latest datasets suggested that the altcoin season might arrive sooner than expected. AMBCrypto reported a few days ago that BTC’s dominance slipped under a crucial support. In the meantime, the altcoin season index moved up sharply, indicating that altcoins might start shining from December itself. What’s there in the short-term? Since expecting Chainlink touch $50 is a long-term assumption, AMBCrypto checked metrics to find what to expect in the near term. Notably, LINK’s exchange balance increased sharply, meaning the selling pressure on it was rising — an indication of a price correction. Its NVT ratio also spiked, which typically indicates that an asset is overvalued, further suggesting a pullback. However, investors need not worry, as such price corrections often happen before…
Filed under: News - @ December 1, 2024 11:01 pm