LINKUSD Rally Mirrors 2020/21 Momentum: A Strong Bull Cycle in Play

Chainlink ($LINK USD) has recently confirmed a significant bullish breakout, aligning with the projection shared on October 1. The current price action reflects similarities with the 2020 Cycle fractal, setting the stage for a promising rally.

Key Insights and Targets:

Long-Term Target: Based on the 4.382 Fibonacci extension, our bull cycle target remains at $53.00.

Short-Term Pattern: Since the June 10, 2023 bottom, LINKUSD has been following a Channel Up pattern, which is dominant until broken.

Technical Indicators:

1D Golden Cross: Formed two weeks ago, this aligns with the previous breakout pattern seen after the October 12, 2023 Golden Cross.

1W MACD Analysis: The current bullish leg mirrors the last major rally, which saw a remarkable +361.50% rise.

Short-Term Target:

If the current momentum holds, we anticipate a move towards $40.00, matching the historical rally dynamics.

Chainlink continues to show strong bullish momentum, and traders can leverage these patterns to plan their positions effectively.