LINK Price Prediction: Analyst Says LINK Could Surge to $34

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This Link price prediction comes after renowned cryptocurrency trader and analyst Ali Martinez predicted in an X post yesterday that Chainlink (LINK) is showing signs of a bullish pennant formation. In the post, the analyst said that a “decisive close above $17.2 could be the catalyst for a breakout”. In this bullish scenario, the crypto’s price could surge to $34, added Martinez.

#Chainlink shows signs of a bull pennant formation. A decisive close above $17.2 could be the catalyst for a breakout, potentially propelling $LINK toward $34.

However, keep an eye on the $14.2 level – a drop below this could invalidate the current bullish outlook for #LINK. pic.twitter.com/N9e6peREPn
— Ali (@ali_charts) January 1, 2024

He warned, however, that LINK dropping below $14.20 could invalidate the bullish thesis. The positive outlook seems to still be in play. This is as LINK posted a 24-hour gain of 5.84%, according to CoinMarketCap data. This latest increase in price boosted the altcoin’s value to above $15 at press time.

LINK Price Prediction

Daily chart for LINK/USDT (Source: TradingView)

From a technical perspective, LINK has been in an accumulation zone over the past 3 weeks. This consolidation period may be a sign of investors and traders waiting for a positive development to drive the altcoin’s price in the short term. A potential event that could be a bullish catalyst for LINK is the possible approval of a Spot Bitcoin ETF (exchange-traded fund), which is expected to happen soon.

A bullish technical flag was recently triggered by the daily Relative Strength Index (RSI) on LINK’s chart. Over the past 48 hours, the RSI crossed above its Simple Moving Average (SMA) line. This particular occurrence suggests that buyers have gained the upper hand against sellers on LINK’s charts.

In addition to this, the Moving Average Convergence Divergence (MACD) indicator is also on the verge of triggering a bullish signal. The MACD line is attempting to break above the MACD Signal line. This major technical flag may be a sign that LINK’s positive trend will carry on throughout the next few days.

If these technical flags are confirmed and validated in the next 48 hours, then the LINK price may surpass the $17.20 barrier highlighted by Martinez. On the other hand, a break below the $14.20 support could expose LINK to the risk of falling to as low as $11.895 in the short term.

The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Author

Steven Walgenbach

Steven's passion for cryptocurrency and blockchain technology began in 2014, inspiring him to immerse himself in the field. He notably secured a top 5 world ranking in robotics. While he initially pursued a computer science degree at the University of Texas at Arlington, he chose to pause his studies after two semesters to take a more hands-on approach in advancing cryptocurrency technology. During this period, he actively worked on multiple patents related to cryptocurrency and blockchain. Additionally, Steven has explored various areas of the financial sector, including banking and financial markets, developing prototypes such as fully autonomous trading bots and intuitive interfaces that streamline blockchain integration, among other innovations.

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