Chainlink (LINK) price has shown impressive gains over the past week, hitting a new yearly high. The emergence of this bullish rally continues to signal that the price surge is not over yet, as LINK bulls continue to hold firm near the $18 support area.
Crypto analyst says Chainlink bullish flag has been broken.
In an analysis published on the TradingView website, cryptocurrency analyst CobraVanguard explains why the Chainlink price is currently very bullish. According to analysts, despite altcoins showing very bullish signs, many traders do not realize that this is the case.
They identified flagpoles created on the charts and in this case the flags for LINK price were actually bullish. What’s even more interesting is that the analyst revealed that Chainlink price successfully broke this flag, which says the price is bullish.
Source: Tradingview.com
“LINKUSDT is showing a bullish signal pattern,” the analyst said. “You can expect a bullish movement to occur as much as the measured price movement (flagpole)!” This further solidifies that LINK is entering its most optimistic phase to date in 2024.
Another key factor that analysts have identified for LINK price at this level is that the price is testing a key supply zone at $18. At that time, LINK price did not exceed this level. However, as of this writing, LINK has completely broken out of this key supply zone and is currently trending towards $19. “The flag is broken,” declared the cryptocurrency analyst.
What is the LINK price target?
In the chart shared in the analysis, the cryptocurrency analyst identifies two key points of interest on the Chainlink chart, which are supply zones and price targets. The first supply zone is $18.3 and LINK price has already surpassed this level.
Given this, the next major point of interest is the price target, which CobraVanguard sets at the $27 price level. However, it cannot head straight for this level as the analyst’s chart also shows a correction below the $13 support line before reaching the target.
If this analysis continues over the next few days/weeks, LINK price could see a sharp 20% correction as the first signal. Then from there, the price rises a full 100% to bring it up to the $27 target price.
As of this writing, LINK bulls continue to dominate after a sharp 7% rally in the last day. On the broader chart, the price of LINK has risen 27% in the past week, reaching a market capitalization of $10.9 billion.
LINK bulls push price above $19 | Source: LINKUSDT on Tradingview.com
Featured image from Changelly, chart from Tradingview.com
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