Why I Like Chainlink: A Technical Perspective with 40$ target
2025-01-22
Category: None

As 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.


