In the continued struggling cryptocurrency market, a prominent crypto expert shares his optimistic outlook for Chainlink (LINK), suggesting LINK could quickly skyrocket in the coming days.
Chainlink (LINK) Price Prediction
In a post on X (formerly Twitter), the expert noted that LINK could break out of the ascending triangle in the next 1 to 2 weeks. Moreover, he further noted that LINK has the potential to reach $18 if the breakout occurs successfully.
LINK Technical analysis and upcoming level
According to expert technical analysis, LINK has been forming an ascending triangular price action pattern since early August 2024, and now the price is slowly moving within a narrow range. However, looking at the LINK daily chart, it appears that the asset needs more time for this pattern to mature.
Nevertheless, if LINK breaks this resistance level or the ascending triangle neckline and closes a daily candle above $13, there is a strong possibility that the price could rise by 15% to initially reach the $15.5 level, and later $18 if sentiment remains unchanged. .
Current price momentum
Currently, LINK is trading around $11.07 and has experienced a price increase of over 4.5% in the last 24 hours. During the same period, trading volume increased by 5%, indicating growing investor and trader participation compared to the previous days.
Despite this bullish outlook, LINK has struggled to gain momentum in recent days, and this struggle will continue until it breaches the $13 level.
Major liquidation levels
Currently, the key liquidation levels are at $10.66 on the downside and $11.42 on the upside, with traders at these levels being over-leveraged, according to on-chain analytics firm Coinglass.
If this sentiment changes and the price rises to the $11.42 level, short positions worth almost $4.62 million will be liquidated. Conversely, if sentiment remains unchanged and the price falls to the $10.66 level, approximately $2.61 million worth of long positions will be liquidated.
This liquidation data shows that bears are currently dominating assets, which could pose challenges for bulls trying to stage an upward rally.