Chainlink (LINK) continues its bullish momentum, with analysts highlighting a clear path toward $40 in the short term.
Notably, an analysis by TradingShot, a prominent technical analysis firm, highlights the strength of LINK’s current uptrend within a well-defined ‘Channel Up’ pattern.
This channel began after LINK bottomed out in June 2023, marking the start of a sustained bullish trend that is yet to be broken.
Golden Cross and MACD signal further gains
One of the critical drivers behind LINK’s current rally is the formation of a Golden Cross on its daily chart, where the 50-day moving average has crossed above the 200-day moving average.
This bullish signal mirrors the October 2023 Golden Cross, which preceded a 361.5% price surge. Analysts believe this setup positions LINK for another substantial rally.
Chainlink price chart. Source: TradingShot/TradingView
Moreover, the Moving Average Convergence Divergence (MACD) indicator on the weekly chart is showing
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