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Chainlink eyes a bullish breakout; Can LINK reach $20?

Chainlink eyes a bullish breakout; Can LINK reach $20?

Along with altcoins, Chainlink (LINK) experienced substantial gains in the past few weeks. Bitcoin’s (BTC) recent rise to the $38,000 mark, spearheaded this rally amid optimistic expectations of regulatory approval for a spot BTC exchange-traded fund (ETF). 

However, LINK retraced some gains when a piece of fake news falsely suggested the registration of a BlackRock XRP trust, dampening the broader market rally. 

Despite this setback, technical analysis (TA) of Chainlink’s chart still generates optimistic signals. Notably, a prominent crypto analyst highlighted the potential for significant gains if LINK successfully breaks out from its current bullish chart pattern.

On Monday, November 20, widely followed cryptocurrency expert Ali Martinez shared a Chainlink chart, which demonstrates that the altcoin may be eyeing a breakout from a bull flag formation.

Chainlink bull flag. Source: Ali Martinez

In his analysis, Martinez said LINK could retest the breakout zone around the $14 mark before it “marches toward $20” – a level not seen since January 2022. 

A leap toward that threshold would represent a gain of more than 40% for the crypto asset. 

Chainlink was trading at $14.28 at the time of publication, down 5.3% on the day.

The cryptocurrency’s price remained relatively flat over the past week, while its monthly performance boasts an impressive surge of 76%, elevating its market cap from $5.15 billion to $7.95 billion.

LINK 1-month price chart. Source: Finbold

Over that 30-day period, the cryptocurrency has seen 19 green days, accounting for a substantial 63%. Additionally, LINK boasts high liquidity, evident from its significant valuation. 

The altcoin has exhibited an outstanding performance over the past year, with its price surging by an impressive 149%. Notably, LINK has outperformed 85% of the top 100 crypto assets during this period, surpassing even the benchmarks of Bitcoin and Ethereum (ETH). Its current position above the 200-day simple moving average (MA) reflects its sustained positive momentum. 

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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