Ethereum

Cardano

Show

Sleep

Chainlink

<p>Veteran crypto trader <strong>Ali</strong> <a href="https://twitter.com/ali_charts/status/1741923247334011252" target="_blank" rel="noopener noreferrer nofollow">provided</a> an update on Chainlink’s ($LINK) price action this week, noting signs of a bullish pennant pattern developing on its chart:</p>
<p>On the daily timeframe, Chainlink can be seen trading within a clearly defined pennant structure over the past couple weeks. This features gradual converging trendlines connecting the series of higher lows and lower highs.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="667" src="https://captainaltcoin.com/wp-content/uploads/2024/01/image-10-1024x667.png" alt="" class="wp-image-411712" srcset="https://captainaltcoin.com/wp-content/uploads/2024/01/image-10-1024x667.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-10-300x195.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-10-767x499.png 767w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-10-1536x1000.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-10-2048x1333.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-10-230x150.png 230w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-10-100x65.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-10-336x220.png 336w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-10-538x350.png 538w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-10-788x512.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-10.png 679w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<p><strong>A decisive breakout above the top trendline, which currently aligns with resistance around $17.20, could confirm the bull pennant.</strong> Measuring the size of the previous move into this pattern projects a potential breakout target around $34.</p>
<div class="wp-block-rehub-colortitlebox rh-colortitlebox" style="text-align:left;border-radius:5px;box-shadow:0 10px 10px #00000007;background-color:#fafafa;color:">
 <div class="rh-colortitle-inbox" style="background-color:var(--rehub-main-color);color:#fbfbfb;border-radius:5px 5px 0 0"><i class="rhicon rhi-bolt-regular rh-colortitlebox-icon" style="color:"></i>
  <div class="rh-colortitle-inbox-label">
   Don’t Sleep on this Explosive Crypto Airdrop!&nbsp; <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f92b.png" alt="🤫" class="wp-smiley" style="height: 1em; max-height: 1em;">
  </div>
 </div>
 <div class="rh-colortitlebox-text">
  <style scoped>.rh-toggler-open{height:auto !important}
.rh-toggler-open .rh-tgl-show, .rh-toggler-open .rh-tgl-grad{display:none !important}
.rh-toggler-open .rh-tgl-hide{display:block !important}
.rh-tgl-show, .rh-tgl-hide{cursor:pointer}
.rh-contenttoggler *{box-sizing: border-box !important}
.rh-toggler-wrapper{overflow: hidden;transition: all 0.5s ease; padding-bottom: 35px; margin-bottom:30px;box-sizing: content-box !important;position: relative;}
.rh-toggler-wrapper p:last-of-type {margin-bottom: 0;}</style>
  <div class="wp-block-rehub-contenttoggler rh-contenttoggler" data-height="100px">
   <div class="rh-toggler-wrapper" style="height:100px">
    <p>Install the <a class="thirstylink" rel="noopener noreferrer nofollow" target="_blank" title="Getgrass" href="https://captainaltcoin.com/go/getgrass/" data-shortcode="true"><strong>GetGrass extension</strong></a> ASAP – the more points you score, the bigger your free crypto payoff! This red-hot airdrop could set you up for the future, but only if you <strong><a href="https://captainaltcoin.com/go/getgrass/" target="_blank" rel="noopener noreferrer nofollow">take action</a></strong> right now!</p> <span class="rh-tgl-trigger" style="text-align:center;position:absolute;z-index:2;bottom:0;left:0;width:100%;color:"><span class="rh-tgl-show" style="display:block">Show more +</span><span class="rh-tgl-hide" style="display:none">Show less –</span></span><span class="rh-tgl-grad" style="background-image:linear-gradient(to bottom,rgba(255,255,255,0) 0,#ffffff 100%);display:block;position:absolute;height:100px;bottom:0;left:0;z-index:1;width:100%"></span>
   </div>
  </div>
 </div>
</div>
<p>However, pennants can also resolve bearishly with breakdowns below support. For LINK, <strong>invalidation of the current bullish outlook would likely come with a drop back below $14.20</strong> – the origin of the recent advance.</p>
<p>In summary, Chainlink appears to be consolidating within a textbook bull pennant formation, according to technical analyst Ali. An upside resolution could see significant upside continuation towards $34, but continued trading within the pattern or breakdowns below $14.20 would negate that bullish potential. Traders can plan entries and stop losses accordingly based on these technical levels.</p>
<p>You may also be interested in:</p>
<ul>
 <li><a href="https://captainaltcoin.com/ethereum-price-has-clear-path-ahead-as-eth-eyes-2700-according-to-crypto-analyst-heres-his-outlook/" target="_blank" rel="noopener noreferrer nofollow">Ethereum Price Has “Clear Path Ahead” as ETH Eyes $2,700 According to Crypto Analyst – Here’s His Outlook</a></li>
 <li><a href="https://captainaltcoin.com/heres-the-recap-of-2023-in-the-crypto-and-bitcoin-industry/" target="_blank" rel="noopener noreferrer nofollow">Here’s the Recap of 2023 in the Crypto and Bitcoin Industry</a></li>
 <li><a href="https://captainaltcoin.com/ripple-xrp-vs-cardano-ada-the-battle-for-1-how-meme-moguls-mgls-is-revolutionizing-meme-coins/" target="_blank" rel="noopener noreferrer nofollow">Ripple (XRP) vs. Cardano (ADA): The Battle for $1, How Meme Moguls (MGLS) is Revolutionizing Meme Coins</a></li>
</ul>
<div class="bigofferblock margincenter mb30 pt20 pl20 pr20 " style="">
 <div class="col_wrap_two mb0">
  <div class="offerbox_big_wrap flowhidden">
   <div class="image position-relative text-center col_item mobileblockdisplay img-maxh-350 img-width-auto"><a class="re_track_btn" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> <img decoding="async" class="lazyload" data-skip-lazy="" data-src="https://captainaltcoin.com/wp-content/uploads/thumbs_dir/etoro-ca-1-oyc386si1bdrmhrff7xex5ngu4zikfy3ei6bk0rbb6.png" width="500" alt="We recommend eToro" src="https://captainaltcoin.com/wp-content/themes/rehub-theme/images/default/blank.gif"> </a>
   </div>
   <div class="product-summary col_item mobileblockdisplay">
    <h3 class="product_title entry-title font150 lineheight25 mb30" id="a-class-re_track_btn-href-https-captainaltcoin-com-go-etoro-target-_blank-rel-noopener-noreferrer-nofollow-span-we-recommend-etoro-span-a"><a class="re_track_btn" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> <span>We recommend eToro</span> </a></h3>
    <div class="rev_disclaimer font70 greencolor lineheight15 mb20"><strong>74% of retail CFD accounts lose money.</strong>
    </div>
    <div class="buttons_col mb25 rh_big_btn_inline">
     <div class="priced_block clearfix">
      <div><a class="re_track_btn btn_offer_block" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> Visit eToro Now </a>
      </div>
     </div>
    </div>
    <div class="bigofferdesc"><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Active user community and social features like news feeds, chats for specific coins available for trading. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Copy trading: allows users to copy thetrades of leading traders, for free. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.
    </div>
   </div>
  </div>
 </div>
</div>
<p>The post <a href="https://captainaltcoin.com/chainlink-shows-signs-of-bull-pennant-formation-link-could-hit-34-if-it-breaks-above-this-level-analyst/" rel="noopener noreferrer nofollow">Chainlink Shows Signs of Bull Pennant Formation, LINK Could Hit $34 If It Breaks Above This Level: Analyst</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Chainlink Shows Signs of Bull Pennant Formation, LINK Could Hit $34 If It Breaks Above This Level: Analyst

Table of Contents

CaptainAltcoin

Other articles published on Jan 2, 2024

Titan’s AI Trading Bots Revolutionize Crypto Markets

MATIC makes interesting moves north: What price should you target?

Russia Will Begin Collecting Taxes in Digital Rubles from 2025

Top Cryptocurrency To Buy Now in 2024

3 Under The Radar Altcoins Expected To Hit $100 Before The Bitcoin Halving

Major Partners to Join the Upcoming Aleph Zero CTRL+Hack+ZK Hackathon

Join our free newsletter for daily crypto updates!