Is Chainlink (LINK) going away soon? Professional insights
A prominent crypto expert shares his bullish outlook for Chainlink (LINK) in the ongoing struggling cryptocurrency market and suggests that LINK may skyrocket in the coming days.
Chainlink (LINK) price forecast
In a post on X (formerly Twitter), the expert suggested that LINK may break out of the emerging triangle in the next 1-2 weeks. Additionally, if the breakout is successful, LINK has the potential to reach $18.
LINK technical analysis and upcoming level
According to professional technical analysis, LINK has been forming an upward triangle price pattern since the beginning of August 2024, and now the price is moving slowly in a narrow range. However, looking at the LINK daily chart, it looks like the asset needs more time for this pattern to mature.
However, if LINK breaks this resistance level or the ascending triangle neck and the daily candle closes above $13, it may rise by 15% to reach the $15.5 level at first and then $18 if the sentiment does not change. .
Current price momentum
As of now, LINK is trading around $11.07 and has experienced a price increase of over 4.5% in the last 24 hours. At the same time, the trading volume increased by 5 percent, which shows that the participation of investors and traders is growing compared to the previous days.
Despite this pessimism, LINK has been struggling to regain momentum over the past few days, and this struggle will continue until it breaks the $13 level.
Main fluid levels
At the moment, the main liquidity levels are at $10.66 on the lower side and $11.42 on the upper side, traders are overextended at these levels, according to on-chain analysis company Coinlas.
If this sentiment reverses and the price rises to the $11.42 level, approximately $4.62 million worth of short positions will be lost. Conversely, if the sentiment does not change and the price drops to the $10.66 level, about $2.61 million of long positions will be liquidated.
This check data shows that bears are currently dominating the asset, which could pose a challenge for bulls trying to experience an inverted rally.
