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Chainlink Price Prediction: The Chainlink coin has emerged as a standout performer in the ongoing crypto market recovery. From the low of $7.26 on October 20, the coin price has soared by 51%, touching a current trading value of $11.02. This impressive ascent marks the coin’s escape from a 16-month accumulation phase, signaling the potential for an even more substantial rally ahead.
Also Read: Chainlink’s Upcoming Staking v0.2 Launch Boosts Market Optimism
Overhead Supply Hints Upcoming Pullback
- A wick rejection attached to the daily candle reflects a minor retracement ahead
- Under the influence of the wedge pattern, the LINK price is poised for a further 14%
- The intraday trading volume in the LINK coin is $1.2 Billion, indicating a 1.2% gain.
Source- Tradingview
On October 21, the Chainlink price broke free from a longstanding falling wedge pattern—a trend that had been dictating its price action for more than 500 days. This breakout is a significant milestone and offers a bullish forecast for this altcoin’s future price trajectory. Bolstered by sustained buying interest and improving market sentiment, the coin surged to an intraday high of $11.5.
However, the daily chart over the past three days shows a pattern of higher price rejections near the $11 mark. These long wicks suggest that short-term traders may be taking profits off the table. Should the selling pressure continue, the LINK price may experience a minor pullback before making its next significant move upward.
According to Fibonacci retracement levels, the coin could find strong support at around the $10.2 mark, coinciding with the 23.6% retracement level. Additional support could be seen at the $9.5 level, aligned with the 38.2% Fibonacci retracement.
Taking cues from the completed wedge pattern, the LINK is poised for a rally toward $12.5, which would represent a potential gain of approximately 14%.
LINK vs BTC Performance
Source: Coingape| Chainlink Vs Bitcoin Price
In a comparative analysis, the Bitcoin price has been on a slow yet consistent path to recovery since November 2022. Meanwhile, the chainlink coin experienced only a mild correction during the same period. However, both assets have benefited from the recent uptick in buying pressure, with the LINK price projecting a steeper rally pointing towards aggressive bullish momentum in the asset.
- Bollinger Band: the upswing in the upper boundary of the Bollinger Band indicator reflects the market’s bullish momentum is still active.
- Moving Average Convergence Divergence: The large gap between the MACD(blue) and signal(orange) slope in positive alignment reflects the current market trend is bullish.
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