The crypto market is closely watching Chainlink (LINK) as top analyst, ZAYK Charts, predicts a potential price surge for the token. According to ZAYK Charts’ analysis, Chainlink could reach $40, a 229% increase from its current price.
The projection is based on a long-term descending wedge pattern visible on the weekly chart, which historically signals a bullish breakout.
Historical Context and Past Wedge Breakout
The first wedge pattern highlighted in ZAYK Charts’ analysis spans Chainlink’s price movement from late 2019 to early 2021. Throughout this time, the price developed a similar wedge, marked by lower highs and lows.
$LINK Will hit 40$It's just a matter of time#LINK #LINKUSDT #Chainlink #Crypto pic.twitter.com/sdst2zsX6k
— ZAYK Charts (@ZAYKCharts) October 9, 2024
Finally, this trend resulted in a breakout that drove the price to an all-time high of more than $50 in 2021. Based on past trends, the analyst believes Chainlink might have a similar rising movement pretty close.
The current wedge appears to be nearing its apex, a key point in the pattern where breakouts often occur. As a result, monitoring for the potential of a price recovery and whether it can replicate its past performance is worthy.
LINK’s Current Price and Target Zone
At present, Chainlink is trading around $10.89, near the lower boundary of the descending wedge. ZAYK Charts’ projection indicates that the price could bounce from this level, with the upper resistance levels at $25 and $40 acting as potential targets.
The green box on the analyst’s chart identifies the bullish target zone between $12 and $40, aligning with mid-2021 resistance levels. This technical analysis strengthens the belief that a breakout could occur soon, with the $40 price target serving as a key area of interest for traders and investors.
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Analyst’s Confidence
ZAYK Charts has expressed confidence in the eventual breakout, noting that it is “just a matter of time” before Chainlink hits $40. The descending wedge, often associated with bullish reversals, adds further weight to this forecast.
Although no exact timeline has been provided, the chart’s structure indicates that a price move could happen in the coming weeks or months.
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The post Analyst Predicts Chainlink (LINK) Price to Hit $40 – Here’s the Outlook appeared first on CaptainAltcoin.
