ChainLink holds a crucial position among the most essential projects in the ecosystem. What is significant for Chainlink is to allocate less market dominance to new projects in this field. Fundamentally, I am not very knowledgeable about the situations of #ChainLink and its competitors, but technically, I noticed that ChainLink ( #LINK ) has formed a significant pattern.
The chart below represents the weekly view of LINK. Let's also take a look at the daily chart for a more detailed display.
When we examine the daily chart, we can see more clearly the recent horizontal price movement. The chart below illustrates the daily price movements of LINK.
The price movement is known as the 'Bull Flag Pattern' in technical analysis. When we compare the current ChainLink chart with the example chart below, we can clearly see the similarity. In this type of formation, after a rapid rise in price, it consolidates within a horizontal range for a while. When it breaks upwards from this price movement, it is expected to rise as much as it did in the previous similar upward movement.
When we examine the formation target, we can see that the $25 USDT level is a significant target point. Unless there is a sharp pullback in the market, I don't think the $25 USDT target is too far for LINK. DYOR.
$LINK
