NewsletterChainlink Price Validates Support At $10 As Uptrend Targets $18, Are Buyers Entering Now?
Chainlink (LINK) price appears to have reaffirmed its position above a newly found support at $10 after facing rejection from $12. The leading price feed oracle token has over the last few weeks stood out as one of the biggest bullish contenders, increasing by 45% in a month to trade at $11.20 on Friday.
Chainlink Price To Hit $18?
The weekly chart shows Chainlink price trading above all the bull market indicators starting with the 50-day Exponential Moving Average (EMA) (red), the 100-day EMA (blue), and the 200-day EMA (purple).
Support above the grey zone as illustrated on the chart is expected to be the springboard that boosts LINK above the immediate resistance at $12.
The Moving Average Convergence Divergence (MACD) indicator’s position above the neutral area calls upon traders to keep seeking exposure to LINK token longs. In addition to the buy signal which manifested with the blue MACD line crossing above the red signal line, green histograms reinforce the bullish outlook.
Based on the On-Balance Volume (OBV) traders have a strong bullish conviction and are willing to bet on a continued Chainlink price rally.
With the expected break above $12 materializing, Chainlink price would be in a suitable spot to rally to $18. However, profit-booking can start at $14.5 with extremely bullish traders waiting on the uptrend to play out to $18.
Meanwhile, declines below Chainlink’s immediate support at $10 could see the Oracle token. Sweep liquidity at $7.5, the local support. However, it is important to realize that all three moving averages are in line to prevent declines from wiping out the progress made over the last few weeks.
The Relative Strength Index (RSI) although currently in the overbought region and depicting a strong bullish trend, could signal a potential pullback if it slides into the neutral area.
Fundamental data from blockchain analytics platform Santiment reveals that the supply of LINK token on exchange has been relatively low, thus reducing the potential for selling pressure.
Idle or Dorman supply has remained relatively quiet implying that long-term holders are willing to keep holding Chainlink despite the increase in value. However, a higher MVRV ratio reflects that most holders are in profit relative to when they bought LINK. This is not a bullish sign for Chainlink price as it suggests a possible increase in selling pressure.
Related News
- Breaking: US Treasury Cracks Down on Russian Money Laundering Queenpin
- US Seizes $54 Mln Crypto, Including Ethereum, In Narcotics Scheme
- Cardano (ADA) Defies Broader Market Correction Amid Whale Transactions, What’s Next?
- Breaking: Bitcoin Gains State Adoption as Texas Becomes First U.S. State to Purchase BTC
- Rate Cut Advocate Kevin Hassett Emerges as Trump’s Top Pick For Fed Chair
- Breaking: Crypto Platform Polymarket To Operate As A U.S. Exchange as CFTC Issues Key Order
- SEC Panel to Discuss Regulatory Changes for Tokenized Equities on Dec. 4
- December Fed Rate Cut Odds Surge To 85% Following PPI Release
- Chainlink Price Could Soar to $15 as ETF Listing Nears
- Will Cardano Price Rebound as Hoskinson Hints at a TVL Surge After Midnight Launch?
- Ethereum Price Holds $2,900 Amid Massive ETF Inflows and BlackRock Purchase
- Sui Price Surges 12%: Could This Mark the Start of a Bullish Trend?
- Is Bitcoin Price Set for Major Recovery as December Rate Cut Chances Hit 80.9%?
- Solana Price Jumps as Bitwise ETF Sees Record $39.5M Inflow: Targeting $150 Next?
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
