Claim $500Chainlink Price Prediction As Buyers Escape 22-Month Accumulation
Highlights
- Chainlink hit a 22-month high at over $20, with a notable rise in network activity and significant whale transactions signaling strong investor interest.
- The ongoing rally may have witnessed high supply pressure at $20.8 and $24.83.
- The intraday trading volume in the LINK coin is $739.5 Million, indicating a 17% gain.
Chainlink Price Prediction: The Chainlink (LINK) price recently experienced a significant rebound, climbing 23% from a local support level of $18 to currently trade at $20. This resurgence in value is backed by a noticeable increase in trading volume and a steady rise in network activity. Notably, the price recovery surpassed the neckline resistance of a cup and handle pattern, hinting at the possibility of further gains.
Also Read: Can Massive Whale Accumulation Fuel Chainlink Price Rally to $30?
Can Chainlink Price Sustain Above $20?
In late January, Chainlink entered a recovery phase, with its price bouncing back from $13.50. This positive momentum led to a 46.7% increase in the LINK price over three weeks, hitting the $20 mark for the first time in 2 years. A closer look at the higher time frame charts revealed that this uptrend recently overcame the $17.5 neckline resistance of a long-term cup and handle pattern.
Such a pattern development is often viewed as a preliminary indicator of a downtrend reaching its bottom, offering traders a fresh entry point
Moreover, an analysis of Intotheblock’s content partner @EkponoAkwaowo highlighted that the Chainlink ($LINK) has hit a 22-month peak, surging by 11% to break the $20 threshold. The rise in $LINK’s value coincides with a notable uptick in the network activity, including both an increase in active addresses and the creation of new ones.
$LINK hits a 22-month high as it surges by 11% breaking the $20 mark for the first time in years!
Also, there’s an increase in active addresses and creation of new addresses with noteworthy whale activity as a specific player goes on a buying spree.
📈https://t.co/71uoZqSKH5 pic.twitter.com/vW7XBaAucI
— champagne mami 💕 (@EkponoAkwaowo) February 12, 2024
This activity has been highlighted by significant whale transactions, suggesting a concentrated buying spree by large stakeholders. If this trend continues, the Chainlink price could potentially increase by another 50%, reaching a target of $30. Nevertheless, this ascent is expected to include brief periods of retracement as the asset consolidates its gains before continuing its upward trajectory.
Also Read: Here’s Why Chainlink (LINK) Price Is Set for Another Leap in Feb
Technical Indicator
- Bollinger Band: The Bollinger Band indicator challenge on the upside hints that buyers are currently dominating this asset.
- Average Directional Index: A high value of ADX reflects the 37% the LINK is poised for a minor pullback to recuperate the exhausted bullish momentum.
Related Articles: The Best 4 Trend-Setting Altcoins To Buy For 2024
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Related Articles
- Michael Saylor’s “Green Dots” Message Hints At Fresh Bitcoin Buying As BTC Faces $90K Wall
- Fed’s Hammack Signals No Rush to Cut Rates as January Hold Odds Near 80%
- XRP ETFs Reach $1.21B as Asset Managers See a ‘Third Path’ Beyond Bitcoin
- Nearly $50M in USDT Stolen After Address Poisoning Scam Targets Crypto Trader Wallet
- Breaking: Rep. Max Miller Unveils Crypto Tax Bill, Includes De Minimis Rules for Stablecoins
- Will Solana Price Hit $150 as Mangocueticals Partners With Cube Group on $100M SOL Treasury?
- SUI Price Forecast After Bitwise Filed for SUI ETF With U.S. SEC – Is $3 Next?
- Bitcoin Price Alarming Pattern Points to a Dip to $80k as $2.7b Options Expires Today
- Dogecoin Price Prediction Points to $0.20 Rebound as Coinbase Launches Regulated DOGE Futures
- Pi Coin Price Prediction as Expert Warns Bitcoin May Hit $70k After BoJ Rate Hike
- Cardano Price Outlook: Will the NIGHT Token Demand Surge Trigger a Rebound?
