- Cryptocurrency trader and analyst Ali predicted that LINK’s price could rise to $13.
- The analyst’s bullish target comes after LINK was able to escape an ascending triangle on its hourly chart.
- Technical indicators on LINK’s daily chart suggested that the altcoin’s price may drop in the coming week.
Chainlink (LINK) may surge 14% in the next couple of days, according to the cryptocurrency trader and analyst Ali. In an X post this morning, he revealed that the altcoin’s price broke out of an ascending triangle on its hourly chart. Subsequently, LINK may undergo a 14% move towards the upside in the short term. This could see it rise to $13, predicted Ali.
The daily chart for BTC/USDT, however, supports a more bearish scenario. Over the past few weeks, a bearish rising wedge pattern has formed on the market leader’s daily chart.
Throughout the past few days, LINK has been in a consolidation phase between $10.635 and $11.785. The breakout on the 1-hour chart highlighted by Ali also led to LINK briefly escaping this sideways price channel earlier today. However, bears quickly forced LINK’s price back to within the channel.
Despite this, the altcoin could still break out of its consolidation phase in the next 24-48 hours. Should LINK close a daily candle above $11.785 within the next 2 days, then it could continue to rise to $13.325.
Investors and traders will want to take note of the fact that a medium-term bearish rising wedge pattern was present on LINK’s daily chart. This suggests that the altcoin’s price could undergo a correction any time within the next week.
Supporting this bearish thesis was the daily Relative Strength Index (RSI) indicator, which was in overbought territory. Traders may identify this as a sell signal – resulting in a flurry of short positions being opened for LINK in the next few days.
If this bearish thesis is validated, LINK’s value may drop to the immediate support level at $10.635. Thereafter, continued sell pressure could force the cryptocurrency’s price below this level to the subsequent mark at $9.175 in the following week.
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