Is this the start of a new bull run for ChainLink? 👀 The recent price action has created a classic "Cup & Handle" pattern on the LINK/USDT chart, and it's looking bullish! 📈
What does this mean? Well, the cup and handle is a technical analysis pattern that often signals a continuation of an uptrend. Think of it like a cup filling with water, then pausing to form a handle before spilling over! ☕️
What's happening now? The price has just broken out of the handle, which is a strong bullish signal. 💥
What are the targets? We can use the height of the cup to project potential price targets. If we measure the height of the cup (from the bottom to the top), which is around $17.5, we can estimate that the price could easily rise by a similar amount after the breakout. 🎯 This suggests potential targets of around $37.
But wait, there's more! 🧐 The breakout has also been accompanied by a strong increase in trading volume, which adds further weight to the bullish case. 💪
So, what should you do? If you're bullish on ChainLink, this could be a good entry point. However, always remember to do your own research and manage your risk.
Disclaimer: This is not financial advice.