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<p>Veteran crypto trader <strong>Ali</strong> <a href="https://twitter.com/ali_charts/status/1741923247334011252" target="_blank" rel="noopener noreferrer nofollow">provided</a> an update on Chainlink’s ($LINK) price action this week, noting signs of a bullish pennant pattern developing on its chart:</p>
<p>On the daily timeframe, Chainlink can be seen trading within a clearly defined pennant structure over the past couple weeks. This features gradual converging trendlines connecting the series of higher lows and lower highs.</p>
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<p><strong>A decisive breakout above the top trendline, which currently aligns with resistance around $17.20, could confirm the bull pennant.</strong> Measuring the size of the previous move into this pattern projects a potential breakout target around $34.</p>
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<p>However, pennants can also resolve bearishly with breakdowns below support. For LINK, <strong>invalidation of the current bullish outlook would likely come with a drop back below $14.20</strong> – the origin of the recent advance.</p>
<p>In summary, Chainlink appears to be consolidating within a textbook bull pennant formation, according to technical analyst Ali. An upside resolution could see significant upside continuation towards $34, but continued trading within the pattern or breakdowns below $14.20 would negate that bullish potential. Traders can plan entries and stop losses accordingly based on these technical levels.</p>
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<p>The post <a href="https://captainaltcoin.com/chainlink-shows-signs-of-bull-pennant-formation-link-could-hit-34-if-it-breaks-above-this-level-analyst/" rel="noopener noreferrer nofollow">Chainlink Shows Signs of Bull Pennant Formation, LINK Could Hit $34 If It Breaks Above This Level: Analyst</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Chainlink Shows Signs of Bull Pennant Formation, LINK Could Hit $34 If It Breaks Above This Level: Analyst

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