Chainlink Price Prediction as Traditional Bullish Pattern Hints Next Leap to $23

Chainlink Price Prediction: LINK, the native token of the Chainlink oracle network has been relatively stable this week compared to the broader market recovery. The coin price recently reverted from $20.85 resistance and plunged 4.46% to trade at $19.89 currently. As Bitcoin signals a new correction phase from $52,000, the question arises: Will LINK’s price fall below the $17 support level?

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Flag Pattern Signals Temporary Pullback

In late January, Chainlink price witnessed a significant price rebound, climbing from a support level of $13.6 to achieve a 53% increase within a month, hitting a peak of $20.85. However, resistance at this peak caused a price correction to $19.1, aligning with the 23.6% Fibonacci retracement level. 

The development of a flag pattern on the 4-hour chart suggests a temporary pause by buyers to consolidate strength.

A notable on-chain activity reported by ‘Lookonchain’ reveals that 83 new wallets, potentially linked to a single entity, have withdrawn 11,097,687 LINK tokens (worth approximately $216.4 million) from Binance in the past two weeks. This significant movement of Chainlink tokens could signal a strategic accumulation, hinting at a potential price rally.

83 fresh wallets(may belong to the same institution) withdrew a total of 11,097,687 $LINK($216.4M) from #Binance in the past 2 weeks.

Address list:https://t.co/cYgH52rHzxhttps://t.co/JNuXc43l2I pic.twitter.com/u178vVVGiT

— Lookonchain (@lookonchain) February 17, 2024

As of now, LINK is trading at $19.9, experiencing a minor setback of 0.6% for the day after facing resistance at the pattern’s upper trendline. For those optimistic about Chainlink’s future, a successful break above this trendline could serve as a pivotal point for recovery. 

A successful breakout could propel LINK’s price by 15% from its current trading value of $19.89.

Also Read: Chainlink (LINK) And Solana (SOL) Gearing Up For Major Price Rally Ahead

Technical Indicator

• Bollinger Band: A squeezed range of Bollinger Band indicators reflects increasing volatility in the market and the need for the flag breakout to trigger a directional rally.
• Average Directional Index: An aggressive drop in the ADX slope reflects the buyers have sufficient to replenish bullish momentum for the next leap.

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