LINK Reaches Popular Trader’s Target and May Continue to Climb

Crypto Tony, a popular analyst and trader, shared in an X post today that his target for Chainlink (LINK) has been reached. According to the post, the altcoin reached the $13.50 mark over the past 24 hours.

$13.50 target hit on $LINK / #Chainlink 👊 pic.twitter.com/xcEvr9MfdC

— Crypto Tony (@CryptoTony__) November 8, 2023

In a comment, the trader was asked if he closed his long position for LINK. He replied by revealing that he has reduced his long position by 20%, and that he intends on “riding the rest.”

LINK was trading above Crypto Tony’s price target after it achieved a 3.30% gain over the past 24 hours. At press time, the cryptocurrency market tracking website CoinMarketCap indicated that LINK was changing hands at $13.54. This was after the cryptocurrency displayed incredible strength over the last week – rising more than 21% during this period.

Daily chart for LINK/USDT (Source: TradingView)

LINK was able to break above a medium-term rising wedge chart pattern that had formed on its daily chart over the past few weeks. Traders reacted positively to the cryptocurrency breaking above this channel, resulting in LINK rising above the major resistance level at $13.325 during today’s trading session.

Should LINK close today’s daily candle above this threshold, then LINK may continue to rise in the following week. In this bullish scenario, the cryptocurrency’s value may rise to as high as $14.825. On the other hand, LINK closing today’s trading session below $13.325 could invalidate this bullish thesis.

Traders may engage in profit-taking if LINK closes today below this barrier. Consequently, the cryptocurrency may retrace to the $11.785 support level, which will also place it back within the bearish rising wedge chart pattern.

This could then put LINK at risk of dropping further in the short term. As a result, the altcoin’s value may break below $11.785 and possibly fall to $10.635.

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