Chainlink looks super bullish - Keep it simple!
Chainlink filled an FVG that was left open for years. Essentially the market retested a key breakout that was in the making for a year. A breakout from a resistance that was tapped three times. That's huge.
But how it did that also matters. LINKUSD formed a range that had a triple top and a triple bottom. Essentially, the market tested the range's top and bottom without entirely breaking the structure. As the crypto market capitulated a few weeks ago, LINK swept its lows, tested the 2019-2020 support (resistance then turned into support), and bounced back above the lows it swept. So what's left now? To take out the highs. What happens next? I don't know. But I am pretty confident the highs will be taken out before we go lower (if we go lower).
The big question is whether it's worth holding Chainlink, Bitcoin, or any other crypto asset. For now, LINK looks pretty clean relative to BTC, as it has probably also capitulated against it. Why? It failed to make a lower low, it's down 89-90% in BTC terms, and it bottomed exactly three years after it topped back in June 2020. Three years is a very long time, and it's an excruciating process that clears out all the weak hands without going through a massive crash.
Here I have to note that Chainlink is one of the most solid projects, with continuous development and a strong fanbase. Fundamentals will start to matter again as regulators clean up the space from all the scams and place reasonable regulations. As institutions really get involved, they will look for projects that have something to show rather than useless tokens with no fundamentals.
Based on my analysis, Chainlink will hit 9-10$ and then potentially rally higher. 9-10$ is the minimum target
But how it did that also matters. LINKUSD formed a range that had a triple top and a triple bottom. Essentially, the market tested the range's top and bottom without entirely breaking the structure. As the crypto market capitulated a few weeks ago, LINK swept its lows, tested the 2019-2020 support (resistance then turned into support), and bounced back above the lows it swept. So what's left now? To take out the highs. What happens next? I don't know. But I am pretty confident the highs will be taken out before we go lower (if we go lower).
The big question is whether it's worth holding Chainlink, Bitcoin, or any other crypto asset. For now, LINK looks pretty clean relative to BTC, as it has probably also capitulated against it. Why? It failed to make a lower low, it's down 89-90% in BTC terms, and it bottomed exactly three years after it topped back in June 2020. Three years is a very long time, and it's an excruciating process that clears out all the weak hands without going through a massive crash.
Here I have to note that Chainlink is one of the most solid projects, with continuous development and a strong fanbase. Fundamentals will start to matter again as regulators clean up the space from all the scams and place reasonable regulations. As institutions really get involved, they will look for projects that have something to show rather than useless tokens with no fundamentals.
Based on my analysis, Chainlink will hit 9-10$ and then potentially rally higher. 9-10$ is the minimum target
Comment:
This is an impressive accumulation range that had an excellent retest of the 2018-2020 breakout level that was previously untested. Technically, the setup looks flawless. It seems highly likely that LINKUSD will reach at least $10.50 in the near future before potentially having a minor correction or consolidation phase prior to continuing its upward move.
