Altcoin LINK prepares for a massive breakout of a bull pattern.
The pattern is a bullish descending broadening wedge formation.
The analyst set bull targets at $17.5, $19.3, and $26.
Expectations for altcoins to start pumping soon grow stronger as signs for ETH to pump significantly increase. As institutional buyers increasingly accumulate more ETH over BTC, analysts grow more certain of the imminent arrival of the altseason peak phase. Amid these expectations, altcoin LINK prepares for a massive breakout of a descending broadening wedge formation with targets set between $17.5 and $26.
LINK Prepares for a Massive Breakout
With Q3 having begun with a bullish green margin, expectations for altseason to flourish grow stronger. Presently, analysts are noticing many bullish signals and relevant indicators of a myriad of price-related charts to expect a major expansion, meaning that a total crypto market price explosion is a lot closer than most expect. Most importantly, this means a bullish altseason is almost here.
https://twitter.com/decodejar/status/1942357089214747120
This is a long-time coming for altcoins. Usually, every altseason peak phase arrives in Q1 following a Bitcoin Halving year. Every bull cycle had adhered to this pattern except the ongoing bull cycle. Analysts believe this year the pattern shifted due to Bitcoin's early pump, where for the first time ever, the price of BTC set a new ATH before the Bitcoin Halving event had even occurred.
Thus, Q1 saw a brutal and prolonged correction phase instead of the expected altseason peak phase. Now, analysts confirm that the correction phase was much-needed and has resulted in a much healthier crypto market, hinting at the arrival of the long-anticipated altseason peak phase. So far, several promising altcoins have been showcasing bullish signals on their price charts.
While some promising new altcoins like FET, SUI, and ONDO have already gone on to set new ATH prices this bull cycle, analysts believe that they are yet to fully pump and will do so in the peak phase of altseason. Meanwhile, legacy altcoins like SHIB, ADA, XRP, VET, LINK, ETH, and LTC have yet to reclaim their previous ATH prices, let alone pump to hit new ATH prices. Still, they all show promising pump indicators as well.
ATH Targets Set Between $17.5 and $26
https://twitter.com/cryptclay/status/1942240350313312420
As we can see from the post above, Chainlink (LINK) specifically is preparing to break out of the descending broadening wedge formation. The analyst concludes that this is a mid-term setup and that he is bullish in the long-term for LINK. The analyst then goes on to share 3 bull targets for LINK price at $17.5, $19.3, and $26. Presently, the price of LINK according to CoinMarketCap sits at $13.52.
