As 2024 shapes up to be a pivotal year for the cryptocurrency market, analysts are busy identifying potential winners that could experience substantial gains in the anticipated bull run. One standout contender, according to prominent crypto analyst Crypto Rover, is Chainlink (LINK), with predictions of a remarkable 10x surge in the near future.
Analyst Ali weighed in on the potential upswing, pointing out that Chainlink’s TD Sequential is signaling a buy on the 12-hour chart, with LINK currently hovering around the lower boundary of a parallel channel. If this signal holds true, analysts suggest that it could see a significant rebound, potentially reaching levels of $15.2 or even $17.3.
Chainlink: Analyst Rekt Capital Warns Of Breakdown
However, recent developments have added a layer of uncertainty to LINK’s trajectory. Crypto expert Rekt Capital took to X yesterday, reporting that $LINK has confirmed a breakdown from the Rising Wedge pattern. The asset is now teetering on the edge of a breakdown from a red demand area, with the daily close below the red marking the initiation of the breakdown process.
Rekt Capital outlined the potential scenario where rejection from the current levels could turn the red box bottom into a new resistance, adding further challenges for Chainlink’s price action. The technical analysis suggests that Chainlink needs to reclaim the bottom of the red box as support to avoid further downside.
In the latest update from Rekt Capital, it was emphasized that Chainlink has confirmed the breakdown not only on the daily timeframe but also on the weekly. The weekly closure below the red box indicates a potential shift, with the red zone possibly transforming into a formidable resistance on the weekly time frame as well.
Enthusiasts are closely monitoring the developments, eagerly awaiting signs of a reversal or a sustained recovery as Chainlink navigates these critical technical levels. However, the coming weeks will likely provide more clarity on whether Chainlink can overcome the challenges posed by recent breakdowns and position itself for a substantial surge in the upcoming bull run.
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