An analyst has pointed out how Chainlink might be breaking out of a bull flag right now, which could suggest a rally toward $20.
Chainlink Is Escaping Out Of A Bull Flag Pattern Currently
In a new post on X, analyst Ali pointed out a breakout that may be forming in the LINK price chart. The relevant technical pattern here is the “bull flag,” which, as its name implies, looks like a flag on a pole.
This pattern forms when the asset’s price goes through a pullback after seeing a sharp rally and consolidates inside a region. The initial trend acts as the “pole,” while the parallel trendlines of the consolidation region make up the “flag.”
The flag’s length (the distance between the parallel trendlines) is always at most half the length of the pole. If it’s not, then the pattern isn’t that of a bull flag.
Inside the flag, the price feels resistance at the upper line and support at the lower one. A successful break out of the resistance zone generally indicates that the
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