Buyers are trying to push LINK to a profit target of $ 28

The LINK price forms a special bullish pattern on the Reversal Point & Figure (RP&F) chart. $ 0.50 / 3 box. Once this hypothetical trading setup is at the entry level, there could be a significant spike towards the $ 28 area.

LINK is ready to go higher

The altcoin at number 20 has seen a series of progressively higher lows on its point and figure (P&F) chart while developing a triple top. Additionally, an ascending triangle pattern has formed which offers a higher chance of a bullish breakout in the near future.

The hypothetical long trade is a buy stop order at $ 21, a stop loss at $ 19, and a profit target of $ 28. This trading setup presents a reward-to-risk ratio of 3.5: 1. In addition, a two to three cell stop helps protect any implied gains after entry.

The $ 28 target is a bit conservative, but it is based on the Vertical Profit Target Method in the P&F analysis. Buyers may consider taking profits at $ 28 as it is just above the current bear market trendline. A handle of $ 28 will turn the structure into a bull market and selling pressures will likely result in the initial pullback – a good sign of a return to higher levels.

RP&F Chart $ 0.50 / 3 box

The hypothetical long setup will be invalidated if the LINK price moves below $ 14. And if it does, it is likely to collapse quickly towards the $ 9 mark.

You can see the LINK price here.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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