In recent months, the Chainlink price hasn’t quite been able to replicate the bullish strength it showed 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.
How LINK Price Could Soar 48% To Reach $19
Prominent crypto analyst Ali Martinez has shared — via a post on X — 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 inverse head and shoulders formation 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.
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 break above the neckline 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.
Chainlink Price At A Glance
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 price gain 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.
Featured image from Unsplash, chart from TradingView
Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.