Chainlink (LINK) forms a bull flag that might take it to $25

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Sep 29, 2020
  • Chainlink hit a new ATH this year, surging from the bottom near $1 to nearly $20.
  • The coin saw a correction since then, but this type of movement started forming a bull flag.
  • With the bull flag managing to maintain itself, it indicates a possible rally that could take it up to $25.

Chainlink (LINK) is probably a cryptocurrency that has received the most attention in 2020, due to its impressive price performance. However, according to technical indicators, all the growth and success that LINK has seen in the last few months might be only a preview of what’s to come next.

How LINK impressed the crypto industry

Chainlink is a project that was born back in late 2017, when the biggest crypto bull run in history (so far) has been at its highest. However, the project never really got caught up in it, so it didn’t achieve an impressive ATH at the time, never venturing much higher from its starting price.

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In fact, LINK remained at similar levels until May 2019, which is when finally started to see price growth which took it to a resistance at $4. In months that followed, it dropped back to $1.85, which has been its bottom ever since.

Then came 2020, and LINK started showing much more impressive performance. First, in the early-year bull run, it nearly reached $5, but was once again knocked down by a mid-March crash. The recovery that followed eventually turned into a massive bull run that allowed it to skyrocket all the way up to $20, although it didn’t quite reach this level before a correction took place.

A new opportunity might be on its way

LINK seemingly found a new bottom since then, this time at $8. However, its recent performance allowed it to form what is called a bull flag — a pattern that consists of a large price rise, which is then followed by a downward-pointing consolidation.

The pattern managed to hold throughout the recent chaotic price changes of the market, and it indicates that a massive new rally might be on its way. In fact, according to the pattern, LINK might be heading for a new ATH at $25 in the near future. At least, this is the hope of everyone who decided to buy LINK these days, when its price is still rather low.

Since the coin already proved that it is capable of such surges, it definitely seems like a great opportunity for any investor optimistic about its price.

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