Chainlink （LINK） could see a 48% increase in price, reaching $19, if the inverse head and shoulders pattern on its chart plays out as expected.
Points
- Chainlink price forms an inverse head and shoulders pattern.
- Potential rise to $19 if the pattern holds.
- Recent price movements and market sentiment.
Chainlink （LINK） hasn’t replicated the bullish strength it showed at the start of the year in recent months. However, a prominent crypto analyst believes that LINK might be set for a significant price increase soon.
LINK Price Could Soar 48% To Reach $19
Ali Martinez, a well-known crypto analyst, shared a bullish projection for Chainlink. He identified an inverse head and shoulders pattern on the LINK four-hour price chart, which typically signals a trend reversal from bearish to bullish when the price breaks the neckline.
According to Martinez, if LINK can break above the neckline at around $15, it could trigger a rally towards $19. This would represent an almost 50% increase from its current price. The analyst’s optimistic outlook is based on this technical analysis indicator, which is significant for identifying potential trend reversals.
Chainlink Price Overview
As of this writing, Chainlink is trading slightly above $13.5, reflecting a 3.6% increase in the last 24 hours. However, this gain isn’t enough to wipe out the losses over the past week. Data from CoinGecko shows that LINK experienced a 3% decline in value in the past seven days. Nevertheless, the cryptocurrency still ranks among the top 20 largest assets in the sector, with a market cap of more than $8.2 billion.
If the inverse head and shoulders pattern plays out as expected, LINK could see a significant boost, offering a much-needed positive momentum for investors.