Chainlink (LINK) Price Surges to New Highs: Bullish Flag Breakout Signals Strong Momentum

The price of Chainlink (LINK) has experienced a noteworthy surge over the past week, propelling it to new annual highs.

Chainlink (LINK) breaks out of bullish flag pole; next target revealed.

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The Chainlink (LINK) price has skyrocketed in the past week, reaching new yearly highs and showing no signs of slowing down. As the LINK bulls hold strong above the $18 support level, it becomes clear that this bullish rally is far from over.

Analyst Identifies Bullish Flag Breakout

In a recent analysis posted on the TradingView website, renowned crypto analyst CobraVanguard sheds light on the current bullishness of the Chainlink price. Despite many traders failing to realize it, the altcoin is showing extremely bullish signs.

The analyst identifies a bullish flag pattern in the LINK chart, signaling a significant price increase. Even more exciting is the successful breakout of this flag, a highly bullish signal for the LINK price.

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“Our analysis shows that LINKUSDT is in a Bullish flag pattern,” declares the analyst. “We can expect a bullish movement in line with the measured price movement (flag pole)!”

This further solidifies LINK’s entrance into its most bullish phase so far this year.

Breaking Through Major Supply Zone

Another crucial factor contributing to the price surge is the successful test and breakout of the major supply zone at $18. Initially, the LINK price struggled to clear this level. However, as of now, LINK has broken free from this supply zone and is trending towards $19, marking a significant breakthrough.

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“The Flag Is Broken!” exclaims the crypto analyst, emphasizing the newfound bullishness of Chainlink.

Aiming for Higher Targets

The analysis chart shared by CobraVanguard highlights two key points of interest: the Supply Zone and the Target Price. The Supply Zone, located at $18.3, has already been breached by the LINK price.

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The primary target is set at the $27 price level, representing an ambitious goal for Chainlink. However, the analyst’s chart also indicates a potential correction below the $13 support level before the LINK price resumes its rally towards the target.

If this analysis holds true in the coming days and weeks, we may witness a sharp 20% correction as the first sign, followed by a strong 100% upward movement towards the $27 price target.

At the time of writing, LINK bulls continue to dominate, with the price surging 7% in the last day. Moreover, the LINK price has gained an impressive 27% in the past week, pushing its market cap to $10.9 billion.

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Q&A: Exploring Further Insights and Concerns

Q: What factors are contributing to the bullishness of the Chainlink price?

A: The successful breakout of a bullish flag pattern and the breakthrough of a major supply zone at $18 are the primary factors driving the Chainlink price surge.

Q: What is the target price for Chainlink?

A: The target price set by the analyst is $27, but there may be a potential correction below the $13 support level before reaching this target.

Q: How much has the LINK price increased recently?

A: The LINK price has surged 27% in the past week, pushing its market cap to $10.9 billion.

Future Outlook and Investment Recommendations

Based on the strong bullish momentum and the successful breakout of the bullish flag, the future outlook for Chainlink appears promising. However, it’s crucial to remain cautious and consider potential corrections along the way.

Investors looking to capitalize on the LINK price surge should conduct thorough research and analysis, considering both short-term and long-term investment strategies. Diversification and staying updated with the latest developments in the blockchain and financial fields are essential for successful investment decisions.

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References:

1. Chainlink Going for Zero? LINK Price Drops 9% as New Mining Project Exceeds $66 Million Raised
2. Bitcoin Holders Moving Big: Number Of Whale Wallets Reaches Highest Count In 15 Months
3. Crypto Token Unlocks To Cross $700 Million In February 2024, Here Are The Culprits
4. Ethereum 2024 Forecast: Analyst Predicts Major Surge Sparked By Catalyst
5. Crypto Analyst Lark Davis Predicts Ethereum Price Surge to $15,000 by 2024: Here’s the Latest
6. Binance Report: Crypto Exchange Adds 40M Users in 2023 Despite Regulatory Hurdles

Now, it’s your turn to join the discussion! Have you invested in Chainlink? What are your thoughts on the current price surge? Share your opinions in the comments below and don’t forget to spread the word by sharing this article on your favorite social media platforms!

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Chainlink price chart from TradingView.com

LINK bulls push price above $19 | Source: LINKUSDT on Tradingview.com

Tags: #analyst #chainlink #Chainlink news #Chainlink price #Chainlink price performance #Chainlink price prediction #crypto #crypto analyst #crypto news #Link #link price #LINK price prediction #LINK/USDT #LINKUSD

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