LINK Price Analysis: Are We Going To See A $20 Chainlink Soon?

LINK Price Analysis: Are We Going To See A $20 Chainlink Soon?

Key Insights

  • Chainlink has had an impressive run over the past month
  • A well-known analyst believes that Chainlink can reach $20 or even higher shortly.
  • Chainlink has been outperforming most of the top 100 crypto assets over the past few months.
  • Chainlink's technical outlook remains bullish, despite recent setbacks.
  • Chainlink hasn't touched $20 since January 2022, and a rally to that level would represent a 330% YTD move to the upside.

LINK has been one of the most explosive cryptos on the market over the last month.

Chainlink has also been growing steadily so far, in terms of adoption and partnerships, and has more than doubled on a year-to-date basis.

Chainlink's performance | Source: <a href='' target='_blank' rel='noreferrer noopener'><u>CoinMarketCap</u></a>
Chainlink's performance | Source: CoinMarketCap

The cryptocurrency currently trades at about $14.23 at the time of writing.

So what are the odds of us seeing a $20 LINK very soon? Let's find out, shall we?

Chainlink So Far

Over the past few weeks, Chainlink has rallied massively, along with several other top cryptocurrencies on the market.

This is all thanks to Bitcoin's impressive surge to the $38,000 level on 9 November, before a retest on 15 November.

Bitcoin dragged several other cryptocurrencies up with it, because of the hype around a possible ETF approval by the US SEC.

Unfortunately, Chainlink, Bitcoin and several other top players were unable to break past important resistances, because of a widely circulated fake report that BlackRock, had registered a trust for XRP.

When the news was discovered to be fake, Chainlink, Ethereum, Bitcoin and even Solana promptly declined in price.

Despite this setback, however, Chainlink's technical outlook remains bullish, as we will soon see.

LINK could be about to hit $20 or even higher soon, according to a well-known analyst.

Chainlink's Bull Flag Pattern

Earlier this week, one of the most popular analysts on Twitter, Ali Martinez, made some interesting comments about Chainlink.

 According to the analyst, LINK is forming a bull flag pattern.

Bitcoin in a bull flag
Bitcoin in a bull flag

But what is a bull flag?

Bull flags are continuation patterns that occur after a strong uptrend. 

As shown above in Ali's chart, LINK was first in a strong uptrend (the flag's handle), before being interrupted by a consolidation phase that looks like the piece of cloth on the flag.

Ali posits that Chainlink has the potential to continue its rally further upward.

In particular, the analyst explained that Chainlink could retest the breakout zone around the $14 level before it "marches toward $20".

To put this into perspective, LINK hasn't touched $20 since January 2022.

And if we indeed see this $20 LINK, Chainlink would have made a crazy 330% move to the upside since the start of the year.

Not bad for some ROI.

Chainlink's Price Performance

At the time of writing, Chainlink is trading at $14.13, and is down by 0.75% over the last day, according to CoinMarketCap.

The cryptocurrency has been biding its time around this $14 zone over the last week and has gained about 50% this month, on its initial rise to $16.

Chainlink's price action
Chainlink's price action

In the charts, we can see that Chainlink was trading relatively flat over most of the year, before breaking past the $11 resistance for the first time since May 2022.

Chainlink, so far has outperformed most of the top 100 crypto assets over the last few months and has even beaten the likes of Bitcoin and Ethereum.

Chainlink's price action
Chainlink's price action

Chainlink's position above both its 20 and 50-day moving averages as shown above, only shows that the bulls are much in control and that the $20 LINK might turn out to be a piece of cake in the long run.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

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