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Chainlink (LINK) Targets $35 as Bullish Pennant Signals 17% Breakout
As the cryptocurrency market continues to navigate volatile conditions, attention is being drawn to Chainlink’s recent price action. The asset has been consolidating within a bullish pennant formation on the 1-hour chart, sparking predictions of a potential 17% breakout.
Currently trading at $29.31, LINK appears poised to challenge the resistance trendline and potentially ignite an upward move. According to technical analysis, this setup presents an opportunity for Chainlink’s price to surge towards the $35 mark.
The bullish pennant pattern, characterized by a narrowing range between two converging lines, suggests that LINK is preparing to break above its current consolidation range. While such formations often precede significant upswings, it is essential to consider external factors and market sentiment before making any investment decisions.
In recent days, the crypto community has taken notice of this development, with many enthusiasts speculating about the asset’s potential future trajectory. The World Of Class analyst recently shared this analysis, garnering over 11,800 views and generating substantial engagement across social media platforms.
Some traders have even ventured to predict that the price could surpass $35 if the breakout gains momentum, while others remain cautious due to broader market conditions. It remains unclear whether LINK will be able to break above its current resistance level or if external factors might hinder this movement.
Nevertheless, the technical setup presents an attractive opportunity for investors seeking exposure to a high-growth asset.
Source: cryptonewsland.com
