when

Chainlink

In recent months, the Chainlink price hasn’t quite been able to replicate the <a href="https://www.newsbtc.com/chainlink-news/chainlink-link-forms-signal-last-led-123-rally/" target="_blank" rel="noopener ">bullish strength it showed</a> at the start of the year. And the past week was a prime example of the coin’s recent struggles, as the bulls failed to completely stamp control over the last seven-day period. 
However, it appears that the LINK price inconsistencies might be coming to an end soon, as a popular crypto analyst has identified a bullish pattern on the token’s price chart. 
<h2 id="b-how-link-price-could-soar-48-to-reach-19-b">How LINK Price Could Soar 48% To Reach $19</h2> 
Prominent crypto analyst Ali Martinez has shared — via a <a href="https://x.com/ali_charts/status/1816914700904595627" target="_blank" rel="noopener nofollow">post on X</a> — an exciting prognosis on the future trajectory of the Chainlink price. According to the crypto pundit, the cryptocurrency, which has largely struggled, could be set for a price turnaround over the next few weeks. 
The rationale behind this bullish projection is the formation of an inverse head and shoulders pattern on the LINK four-hour price chart. The <a href="https://www.investopedia.com/terms/i/inverseheadandshoulders.asp" target="_blank" rel="noopener nofollow">inverse head and shoulders formation</a> is a technical analysis indicator that features a head (a lower low) in between two shoulders (usually a lower low and a higher low). 
This chart formation — whether in the normal or inverse form — is a significant indicator for identifying trend reversals. Specifically, the inverse head and shoulder pattern suggests a shift from a bearish to a bullish trend when the price breaks the neckline, an imaginary line that runs through the peaks of the troughs. 
<img loading="lazy" decoding="async" src="https://pbs.twimg.com/media/GTb6Fd-WkAA3A0t?format=jpg&amp;name=medium" alt="Chainlink price" width="1200" height="824"> 
Martinez noted in his post on X that the price of Chainlink could make a run towards the $19 mark over the next coming days. However, the cryptocurrency must <a href="https://www.newsbtc.com/news/bitcoin-price-inverse-head-shoulders-pattern-76000/" target="_blank" rel="noopener ">break above the neckline</a> around the $15 level, as shown in the chart above. 
A rally to the $19 mark would represent an almost 50% price leap from the current price. And a return to this price level would be most welcomed by the altcoin’s investors, having spent the last two months beneath it. 
<h2 id="b-chainlink-price-at-a-glance-b">Chainlink Price At A Glance</h2> 
As of this writing, the Chainlink price has jumped slightly above $13.5, reflecting a 3.6% increase in the last 24 hours. However, this <a href="https://www.newsbtc.com/news/chainlink/chainlink-investors-in-accumulation-mode-link-price-primed-for-a-rally/" target="_blank" rel="noopener ">price gain</a> is not significant enough to wipe the token’s loss over the past seven days. 
According to data from CoinGecko, the LINK token experienced a 3% decline in value in the past week. Nevertheless, the cryptocurrency still ranks among the top 20 largest assets in the sector, with a market cap of more than $8.2 billion. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/ivVsQlMr/" alt="Chainlink price" width="1832" height="1314">

Analyst Says Chainlink Price Could Climb To $19 — Here’s How

Съдържание

NewsBTC

Други статии, публикувани на 27.07.2024 г.

Ethereum Creator Vitalik Buterin Debunks ETH Centralization Claims

Why Is AAVE Price Up Today? Heading Towards $200!

Mt. Gox Saga Continues: Bitstamp Releases Assets to Creditors After Delays

RFK Jr. Declares Strong Support for Bitcoin

Analyst Predicts Bitcoin Price Drop Despite Current Uptrend

Economic Impact on Crypto: Should You Diversify Your Portfolio with Crypto Investments? Crucial C...

Присъединете се към нашия безплатен бюлетин за ежедневни крипто актуализации!