Technical analysis of the LINK/USDT chart reveals several promising indicators that suggest substantial upside potential. According to prominent crypto analyst cryptoElites, Chainlink appears poised for a significant bullish breakout.. Let’s dive into what traders should be watching.
The current LINK chart displays what appears to be a classic “Cup and Handle” pattern. This bullish continuation formation suggests that Chainlink has already completed the cup portion and is currently forming the handle. This pattern typically precedes significant upward price movement, with the handle representing the final consolidation before a breakout.
Critical Support and Resistance Levels
Fibonacci retracement levels highlight key zones that traders should monitor closely. The 0.5 Fibonacci level at $16.36 and the 0.618 level at $21.67 represent significant resistance barriers that LINK must overcome.
Meanwhile, strong support appears to be forming near the 0.382 Fibonacci level at approximately $12.36. This “Bottom” zone could serve as a springboard if maintained, preventing further downside while setting up the potential rally.
Price Targets to Watch
cryptoElites has identified several ambitious but technically justified price targets for Chainlink:
Target 1 sits at $53.82, corresponding to the Fibonacci 1.0 level. This represents the first major milestone if the bullish thesis plays out.
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For longer-term holders, Target 2 at $100.47 (Fibonacci 1.272) and Target 3 between $144.68 (Fibonacci 1.414-1.618 range) suggest potential 10X returns from current levels.
Trendline Breakout Significance
One of the most encouraging signals is LINK break above a long-term descending trendline. This technical event often signals a significant trend reversal and could mark the end of the prolonged bear market for Chainlink.
If LINK can maintain momentum above this broken trendline while holding key Fibonacci support levels, the path toward higher targets becomes increasingly probable.
What To Watch For Next
The analysis suggests that as long as Chainlink maintains support in the $12-$13 range, the bottom structure remains intact and the uptrend thesis valid.
The $16-$22 zone represents a critical hurdle. A decisive break above this range would likely confirm the larger move toward $50 and beyond.
As always, Bitcoin performance and overall crypto market sentiment will influence LINK trajectory, so monitoring broader market conditions remains essential.
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The information provided on Web3parrot.com is for general informational purposes only and are opinions of the expert writers. They are not intended as financial, investment, or trading advice. Please do your own research and consult with a licensed financial advisor before making any financial decisions.
