Chainlink rebounded in November and is on track to have its best monthly performance since May. This LINK rebound coincided with the broader crypto market rally, adding fuel to the uptrend. One analyst believes that this rally is just starting and belives Chainlink price could hit $100, supported by technicals and fundamentals.
Crypto Analyst Sees Chainlink Price Soaring To $100
Market analysts on X, formerly known as Twitter, are upbeat that the Chainlink price has more room to go. In an X post, WSB Trader Rock, who has been accurate before, predicted that the coin would ultimately rebound to $100 in the near term. He expects this breakout to $100 to be confirmed if the coin jumped above the crucial resistance at $20.
Bubbafox, another crypto analyst is more upbeat about LINK price, which he believes could jump to $2,000, implying a 11,000% upside from the current level. He based his argument by chart regression on the weekly chart.
LINK Technical Analysis: Prepares A Massive Pump
The Chainlink price has jumped by over 123% from its lowest level in August, mirroring the performance of most cryptocurrencies. The coin has settled at the important resistance level at $19.18 on the daily chart.
This was a notable level since it was the upper side of the rounded bottom or the cup and handle pattern. An asset tends to consolidate or pullback when it rises to such a level, which is happening.
A C&H pattern often leads to a strong bullish breakout since it is one of the most popular continuation sign. The coin has also formed a bullish pennant pattern, which has a long flag pole and a triangle pattern. Like the C&H, this is another highly bullish chart pattern in the market.
Chainlink price has also formed a golden cross pattern as the 50-day and 200-day Exponential Moving Averages (EMA) have crossed each other.
Therefore, there are odds that the coin will stage a strong breakout, especially when Bitcoin price jumps to $100,000. If this happens, the next target to watch will be at $22.90, the year-to-date high, which is also about 27% above the current level. A volume-supported rally above that level will point to the next key point at $50.
The bullish view will become invalid if the value of LINK drops below the key support at $16, a few points below the lower side of the pennant pattern. If it happens, the next point could be at $13, the higher swing on September 28.
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