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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Analyst Says Chainlink Price Could Climb To $19 — Here’s How

Opeyemi Sule
Opeyemi Sule
1 year ago
2 mins read
AAVE Price

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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.

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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.

Chainlink price
A four-hour price showing the formation of an inverse head and shoulder pattern | Source: Ali_charts/X

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.

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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.

Chainlink price
The price of Chainlink floats above $13.5 on the daily timeframe | Source: LINKUSDT chart on TradingView
Featured image from Unsplash, chart from TradingView
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Opeyemi Sule
Opeyemi Sule

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Read more

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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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.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

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.

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