Price Analysis

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

Chainlink Price Prediction: The ongoing consolidation in LINK price showcases a post-rally correction to absorb excess supply pressure and resume recovery
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Chainlink Price Prediction as Traditional Bullish Pattern Hints Next Leap to $23

Highlights

  • A bullish breakout from the flag pattern will signal the resumption of the recovery trend.
  • The coin price above daily EMAs reflects the near-term rally is aggressively bullish.
  • The intraday trading volume in the LINK coin is $360.5 Million, indicating a 14% gain.

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?

Also Read: Just-In: Telefonica Partners Chainlink Boosting Security Against SIM Swap Scams

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Flag Pattern Signals Temporary Pullback

Chainlink Price Prediction| Tradingview

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on-chain activity reported by ‘Lookonchain’ reveals that 83 new wallets, potentially linked to a single entity, have withdrawn 11,097,687 LINK tokens (worth approximately $216.4 million) from Binance in the past two weeks.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.

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

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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.

Related Articles: 5 Altcoins To Buy Likely To Outperform Bitcoin In 2024

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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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