Chainlink Chart Explains Why LINK Price Could Reach $200 This Bull Run

The price of LINK has seen around 40% decline since its December high. However, Captain Faibik thinks the asset could reach $200 during the current bull

Captain Faibik, a well-known cryptocurrency analyst, has recently shared his thoughts on Chainlink (LINK) price. According to Faibik, the asset could reach as high as $200 during the current bull market cycle. To understand his analysis, let’s take a closer look at the LINK monthly chart.

The monthly timeframe chart of LINK reveals a massive symmetrical triangle formation that has been developing over several years. This technical pattern is characterized by converging trendlines, and it has recently experienced a decisive breakout to the upside.

Highlighting this breakout, we can see how it plays a crucial role in Captain Faibik’s analysis, as this technical development could be catalyzing LINK’s next major price move.

Now, when analyzing the chart’s structure, one aspect that becomes particularly interesting is the measured move projection. Using the triangle’s height as a basis for potential price expansion, the technical target aligns remarkably well with Faibik’s $200 prediction. This isn’t just arbitrary number-picking; it’s based on a well-established technical analysis principle.

Moreover, the recent LINK price action has been displaying strong bullish momentum, with multiple positive monthly candles forming after the breakout. This kind of sustained pressure is exactly what LINK needs to begin its journey toward higher price levels.

If we observe the movement in previous bull markets, we can notice that LINK has demonstrated its capacity for explosive price appreciation in the past.

To place this within a historical context, let’s recall that LINK previously reached heights of around $52 during its last bull run. While this level now serves as a significant resistance point, breaking through this zone could trigger a new phase of price discovery, as suggested by Faibik’s analysis.

In total, the path to $200 would represent approximately a 10x move from current levels – a magnitude of increase that, while substantial, isn’t unprecedented in cryptocurrency markets during bull cycles.

It’s important to note that the achievability of this target will largely depend on overall crypto market conditions, including Bitcoin’s performance and general market sentiment. While the technical setup appears promising, investors should remain mindful of potential resistance levels at psychological price points like $50 and $100.

Looking ahead, if LINK price maintains its current trajectory and the crypto market remains supportive, the path to $200 that Captain Faibik envisions could indeed materialize.

Don’t forget to follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates. Get all our future calls by joining our FREE Telegram group.

We recommend eToro