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Highlights
- A bullish breakout from the cup and handle pattern signals an early sign of trend reversal.
- The rising LINK price may find potential supply pressure at $24.2 and $28.7 horizontal levels
- The intraday trading volume in the LINK coin is $594 Million, indicating a 20% loss.
Chainlink Price: The Twelfth largest cryptocurrency by market Chainlink (LINK) emerged as an outperforming asset in February 2024. Within a fortnight the coin price surged from $13.63 to $18.3, registering 34.2% growth. This recovery could be attributed to active accumulation from whales as coingape mentioned in a previous article.
Can LINK price continue the recovery momentum amid the current market consolidation?
Also Read: What Will Be My Portfolio If Chainlink Hits $100 in 2024?
Cup and Handle Pattern Set Chainlink Price for 75% Surge
Amid the January-end relief rally in the crypto market, the Chainlink price rebounded from $13.5 and reached a 2-year high of $19.7. This rally back by increasing volume and active accumulation from whales projected sustainable growth for holders.
In a significant move tracked by IntoTheBlock, a mysterious whale/institution has withdrawn 2,745,815 $LINK, valued at roughly $49.9 million, from Binance into 49 new wallets. Additionally, a whale, known as “0x2A19”, has extracted 494,957 $LINK ($9M) from Binance over the past 10 days.
Whales/institutions continue to accumulate $LINK!
This mysterious whale/institution withdrew 2,745,815 $LINK($49.9M) from #Binance via 49 new wallets.
Whale"0x2A19" withdrew 494,957 $LINK($9M) from #Binance in the past 10 days.https://t.co/QoP2waErBShttps://t.co/iaPHa9f0XB pic.twitter.com/GUW1S33NHf
— Lookonchain (@lookonchain) February 7, 2024
The recent rally also provided a massive breakout from the neckline resistance of the cup and handle pattern which carried a consolidation phase for the past 23 months. Currently trading at $18.28, if the Chainlink Price manages to sustain above the breached resistance, the buyer can drive a rally to $24.2, followed by $30.7.
Crypto Analyst Signals a Potential Retest In LINK Price
In a recent analysis by renowned trader @rektcapital, a potential scenario for $LINK is outlined where minor price dips could lead the asset to the top of the Re-Accumulation range. Such movements, should they materialize, are seen as retest attempts that could validate the strength of the current trend, setting the stage for its further continuation.
Breakout confirmed
Any dips into the top of the Re-Accumulation range (if they happen at all) would likely act as a retest attempt before further trend continuation#LINK #Crypto #Chainlink https://t.co/qo1dgVjpjV pic.twitter.com/8UpKzUeLuF
— Rekt Capital (@rektcapital) February 5, 2024
- Bollinger Band: The rising upper boundary of the Bollinger Band indicator signals aggressive bullish momentum.
- Average Directional Index: The upward trajectory of the ADX slope, currently at 25%, suggests that the bullish trend has the potential for further growth.
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