Chainlink rebounded in November, expected to achieve its best monthly performance since May. LINK's rebound coincides with a broader recovery in the cryptocurrency market, adding momentum to the upward trend. An analyst believes this round of rebound has just begun and is confident that supported by technical and fundamental factors, Chainlink's price could reach $100.
Cryptocurrency analysts expect Chainlink's price to soar to $100
Market analysts on X (formerly Twitter) are optimistic that Chainlink's price has more room to rise. In a post on X, WSB Trader Rock (who has accurately predicted before) forecasts that this token will eventually rebound to $100 in the short term. He expects that if the token breaks through the key resistance level of $20, the breakout above $100 will be confirmed.
Another cryptocurrency analyst, Bubbafox, is more optimistic about LINK's price, believing that LINK could soar to $2,000, which means an 11,000% increase from the current level. He based his argument on regression charts on the weekly chart.
LINK Technical Analysis: Preparing for a Massive Upsurge
Chainlink's price has increased by over 123% from the lows in August, reflecting the performance of most cryptocurrencies. The token has stabilized at a significant resistance level of $19.18 on the daily chart.
This is a notable level as it is the upper side of the rounded bottom or cup and handle pattern. When an asset rises to such a level, it often consolidates or retraces, and this situation is currently occurring.
The C&H pattern usually leads to strong bullish breakouts as it is one of the most popular continuation signals. This token also forms a bullish flag pattern, characterized by a long flagpole and triangular shape. Like C&H, this is another highly bullish chart pattern in the market.
Due to the crossover of the 50-day and 200-day exponential moving averages (EMA), Chainlink's price has also formed a golden crossover pattern.
Therefore, it is very likely for Bitcoin to experience a strong breakout, especially when the Bitcoin price jumps to $100,000. If this happens, the next target to watch will be $22.90, which is the highest point so far this year and about 27% higher than the current level. Volume support above this level will point to the next key point at $50.
If LINK's price drops below the key support level of $16 (a few points below the lower side of the triangular flag pattern), the bullish outlook will be invalidated. If this occurs, the next point could be the higher volatility level of $13 on September 28.