Chainlink price, the biggest oracle in the crypto industry, has bounced back recently as it soared for three consecutive weeks. Crypto analysts, citing its strong fundamentals and technicals, believe that LINK could stage a strong rally, mirroring Ripple’s XRP.
Chainlink Price Mirroring XRP and Rally 500%: Analyst
Chainlink price soared and retested the important resistance level at $20 for the first time since March 11. This rally happened in sync with the ongoing recovery of Bitcoin and most altcoins, which pushed the crypto fear and greed index to 85.
Crypto analysts are now optimistic that the coin could be on the verge of a strong bullish breakout. In an X post, Bullish noted that the coin had left a multi-year falling wedge pattern. He sees it rising by 500%, a move that would push it to $120.
He cited XRP, which went vertical in November and jumped by 400%, pushing its market cap to over $130 billion.
In another X post, Crypto Rand, a popular analyst predicted that the coin would gain momentum if it breaches the year-to-date high of $22.90. If that happens, he believes that the Chainlink “marines” will take over and push it higher. Marines are members of the Chainlink community who are similar to XRP Army.
LINK Price Forecast As It Nears A Key Resistance
The Chainlink price has had strong technicals, which explains why the coin has rallied in the past few weeks. It has formed a cup and handle chart pattern, which is made up of a horizontal line and a rounded bottom. It moved above the upper side of this pattern this week, clearing a crucial resistance level.
The price target of a C&H pattern is established by calculating the depth of the cup, which is 55%. One then measures the same distance from the upper side of the cup, and establishes the target at $31.60.
The value of LINK has also formed a golden pennant pattern, which is made up of a vertical line and a triangle. Therefore, the coin will likely continue rising as bulls target the initial target the year-to-date high of $22.85. A break above that level will point to more gains to the C&H target at $31.60.
The Chainlink price forecast bullish view will become invalid if the coin drops below the key support at $17, the lower side of the pennant’s triangle point. If this happens, the mean reversion could see it drop to the 200 EMA at $13.29.
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