CHAINLINK (LINK) Daily Price Analysis

Posted by John Kelvin on Oct 22, 2019 8:21:23 AM

 

linkusd pennenat

 

As the 24 hours trading volume continues to increase, the price of LINKUSD continues to see more upside.

With more and more exciting news in the pipe, Chainlink continues to hold its level as other coins are seeing more declines. Hosting its first ever virtual hackathon with over $60k in bounties, Chainlink is inspiring everyone to think big and take up this opportunity to build a meaningful project that will connect smart contracts to the real world using off-chain resources.

This has technically helped drive the price up. On the 45 mins chart, the price chart of LINKUSD as consistently continued to form a bullish continuation chart pattern: the bullish pennant flag pattern.

The bullish pennant flag pennants are the workhorses of the day trader. The shape of the flag looks like a short symmetrical triangle. The pole of the flag is an important part of the bullish pennant flag pattern as it is used to measure the take profit level after the price of such a pair has broken out to form the the flag.

The pennant flag pattern has a 57% chance of breaking out and reaching its target (as measured from the pole. NOTE: If price doesn't close above the pennant, it will fail.)

Technical analysis suggests that price must close above the symmetrically shaped flag, before the potential target of $2.76 up to $3 is achieved. Following the Sunday market weekly price analysis, the price target still remains $3. For the previous market analysis check here.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. Traders should always make sure they carry out their own research before buying any idea given. The views expressed in this article are the author’s and may not represent the views of EMX.

 

Topics: Trading Ideas