World of Charts has highlighted a buying opportunity for Chainlink (LINK), pointing to a potential surge toward $50. The analyst identifies the $18-$20 range as an optimal entry point, following a technical breakout from a descending triangle pattern.
The weekly chart reveals a clear breakout from a long-term descending triangle formation, with price action now retesting the breakout zone. This retest phase typically precedes strong continuation moves, making the current setup particularly noteworthy for market participants.
The analyst emphasizes the $18-$20 region as a critical support zone, where previous resistance has flipped to support. This level coincides with the breakout trendline, creating a strong technical confluence that could fuel the next leg up.
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Looking at the broader picture, the analyst projects a midterm move toward the $50 mark, representing a potential 129% increase from current levels. This target aligns with historical resistance zones from the 2021 market cycle.
A breakdown below the $18-$20 support zone would invalidate the bullish scenario. Volume patterns support the breakout thesis, though traders should monitor selling pressure during the retest phase.
The analyst suggests that current market conditions present an advantageous risk-reward setup for midterm positions. The combination of technical factors, including the successful breakout and ongoing retest, supports accumulation at these levels for traders targeting the $50 objective.
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