Chainlink (LINK) Price Action Hints ‘Final Run of This Cycle’ as Support Holds: New Target Revealed

Cryptocurrency prices have been on a wild ride over the past few months, and Chainlink (LINK) has been one of the best performers. After rallying over 200% from the 2023 lows, World Of Charts believes LINK’s price action is setting up for what could be its final and most explosive run of the current market cycle.

World Of Charts: Chainlink (LINK) Price Preparing For ‘Final Run’ Of This Cycle, New Target Revealed

Prominent crypto analyst World Of Charts has been closely tracking Chainlink’s price action and recently shared their bullish outlook on the asset. According to their analysis, LINK has been consolidating within a large symmetrical triangle pattern since 2021.

After several failed attempts to break out of the upper resistance trendline, the cryptocurrency finally managed to push through decisively in early 2023. World Of Charts notes that this breakout occurred precisely as LINK hit their predicted buying zone, indicating strong demand at these levels.

Moreover, the recent price action is particularly significant because LINK has managed to overcome a key resistance level that has now flipped to become support at around $20. This technical development adds further credence to the analyst’s bullish narrative for Chainlink.

World Of Charts highlighted two key observations in their analysis:

Chainlink price appears to have completed an H&S continuation pattern on the lower timeframe.

World Of Charts now expects LINK to continue its روند صعودي and reach the $80 price level.

Chainlink Price Targets And Cycle Analysis

World Of Charts now expects LINK to continue its روند صعودي and reach the $80 price level. This target is derived from the height of the symmetrical triangle pattern, which, when added to the breakout point, suggests a potential total move of around $60.

However, the analyst suggests that this could be the “final run of this cycle,” setting the stage for momentum to propel the cryptocurrency to new all-time highs.

“Seems like LINK is finally ready for the final run of this cycle, send it towards new ATH,” World Of Charts shared with their followers, hinting at the potential for Chainlink to reach new record highs in the coming weeks.

World Of Charts also provides an interesting perspective on the broader market cycle, suggesting that LINK’s price action could help determine the market top. According to their analysis, if LINK fails to reach new all-time highs, it could indicate that the bull market is nearing its conclusion.

“If LINK fails to reach a new ATH this cycle, it might be a sign that the bull market is ending.”

World Of Charts’ technical analysis provides a compelling case for Chainlink’s continued روند صعودي. As the market watches this development unfold, all eyes will be on whether LINK can indeed achieve the ambitious targets set by the analyst in what could be the culminating move of this market cycle.