Despite the crypto market's volatility, the LINK token appears poised to defy downward trends. With the emergence of a bullish technical pattern, seasoned investors are closely monitoring this high-potential altcoin.
After experiencing a significant drop of 15% over the month, the price of Chainlink (LINK) has shown encouraging signs of recovery today. The token saw a 6% increase, reaching a high of $14.36 at the beginning of the session.
This progress followed the overall recovery of the cryptocurrency market. However, it did not last long due to concerns arising from the upcoming announcement of new tariff measures by Donald Trump. LINK is now trading around $13.65, with a market capitalization of $8.96 billion.
Despite this retracement, the 40% increase in trading volume over 24 hours reflects a strong investor interest, hinting at new recovery opportunities for Chainlink price.
Experts believe that the repercussions of Trump’s new tariff decisions will lead to high volatility, affecting the prices of Bitcoin and other digital assets, including the LINK token. However, technical analysis shows the formation of a symmetrical triangle pattern, a precursor to a possible imminent rise.
This pattern, known for its bullish signals, suggests an upward breakout after a consolidation phase. Currently, the Chainlink price is near the apex of the triangle, indicating a favorable breakout scenario.
According to crypto analyst Ali Martinez, such a breakout could propel LINK up to 35% higher. With this potential, Chainlink’s price could then reach $21, or even higher.
Of course, this forecast remains speculative and will require bullish confirmation. If the price were to trend downwards, the possibility of this positive breakout scenario would then be questioned.
If you want to invest in the LINK token with its potential surge, Bitget is the platform for you. Follow the steps listed below to learn more:
Remember, it is important never to invest more than you can afford to lose. Stay well informed about the market context to adjust your investment strategy accordingly.
Gaston has been a writer for over 7 years and a passionate cryptocurrency enthusiast since 2020. He loves exploring the crypto ecosystem and is now dedicated to sharing his insights and discoveries through InvestX.
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