Why I Like Chainlink: A Technical Perspective with 40$ targetAs I’ve mentioned before, one of the reasons I favor BINANCE:LINKUSDT is its strong adherence to technical patterns. This characteristic makes it a reliable asset for chart-based trading strategies.
Let’s break down the past:
• Accumulation Phase: From May 2022 to October 2023, LINK underwent a long, one-and-a-half-year accumulation phase. This created a solid foundation for future price action.
• Breakout and Corrections: After the accumulation ended, LINK experienced an upward move, followed by a correction that perfectly tested the resistance of the previous accumulation zone.
• New local Highs: A subsequent rally took the price to around $30, followed by another correction. This time, the correction confirmed a previously broken resistance level as new support, which acted as a springboard for another reversal upward.
The technical behavior of LINK stands out as methodical and predictable, with clear levels of support and resistance consistently respected.
Looking ahead, I anticipate that LINK will continue its upward trajectory, with a potential target of $40.
My strategy is buying dips.
However, a definitive break below recent support would force a reassessment of this outlook.
In conclusion, LINK’s well-structured price movements make it an excellent candidate for those who favor technical analysis in their trading approach.
