The Chainlink (LINK) price has staged an impressive rally over the past week, sending the price to new yearly highs. While the LINK bulls remain firmly above the $18 support, the emergence of this bullish rally remains a signal that the price rally is far from over.
Crypto Analyst Says Chainlink’s Bullish Flag Has Been Broken
In an analysis Posted On the website TradingView, crypto analyst CobraVanguard explains why the Chainlink price is currently very bullish. According to the analyst, many traders do not realize this is the case, despite the altcoin showing very bullish signs.
They identified a flagpole created in the chart, and in this case the flag for LINK price was actually bullish. Even more interesting is the fact that the analyst revealed that Chainlink price had successfully broken this flag, which they believe is bullish for the price.
Source: Tradingview.com
“LINKUSDT is in a Bullish flag Pattern,” the analyst said. “We might as well expect a bullish move as the Measured Price (flagpole) move!” This reinforces LINK’s entry into its most bullish phase yet in 2024.
Another key factor that the analyst identifies for LINK price at this level is that the price tested the key supply zone at $18. At that time, the LINK price had not yet reached this level. But as of this writing, LINK has broken away from this key supply area and is now heading towards $19. “The flag is broken,” the crypto analyst declared.
What are the objectives for the LINK Prize?
In the chart shared in the analysis, the crypto analyst identifies two key points of interest in the Chainlink chart, namely the supply zone and the target price. The first, the Supply Zone, is at $18.3 and the LINK price has already broken above this level.
Given all this, the next major point of interest is the target price, and CobraVanguard estimates it at the $27 price point. However, there is no direct opportunity at this level as the analyst’s chart also shows a correction below the $13 support before refocusing on his target.
If this analysis holds up in the coming days/weeks, LINK price could see a sharp 20% correction as the first sign. Then a full 100% move up to take the price to the $27 price target.
At the time of writing, the LINK bulls continue to show dominance after a sharp move of 7% on the last day. On the broader chart, LINK price is up 27% over the past week, bringing its market cap to $10.9 billion.
LINK bulls push price above $19 | Source: LINKUSDT on Tradingview.com
Featured image of Changelly, chart from Tradingview.com
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