Here’s Why Chainlink (LINK) Price Is Set for Another Leap in Feb
Highlights
- A bullish breakout from the triangle pattern will release a direction trendline in the LINK price.
- The ongoing rally may have witnessed active pullback support at 50 EMA of the 4-hour chart.
- The intraday trading volume in the LINK coin is $412 Million, indicating a 26% gain.
Chainlink Price: The twelfth largest cryptocurrency Chainlink has been an outperforming asset in February 2024. Within a fortnight, the coin price jumped from $13.6 to $19.79 high, registering 45% growth. However, the LINK price has remained quiet in the last few days, projecting signs of a post-rally consolidation. Will this sideways action lead to higher growth or a precursor new correction?
Also Read: Chainlink vs. Solana: Which Altcoin is Worth Investment in 2024?
Is Chainlink Price Ready to Surpass $20?
Despite a recent uptick in the border market, which pushed the bitcoin price above the $46000 mark, the Chainlink price has traded majority sideways. This consolation in the 4-hour time frame chart resonated within two converging trendlines which indicated pennant pattern formation.
This chart pattern commonly observed in an established uptrend offers in-between breathers to recuperate the exhausted bullish momentum. Thus, the converging trendline indicates the LINK price is poised for a decisive breakout which would signal the continuation of the recovery trendline.
Adding to the bullish note is a recent highlight from crypto analytics firm Intotheblock about $LINK whales accumulation. Over the past five days, this mysterious crypto whale has transferred a staggering total of 4,556,684 $LINK, valued at approximately $83.6 million, from Binance into 55 newly created wallets.
This significant move despite current consoldation highlights a deepening interest in $LINK within the crypto community and could potentially signal upcoming market movements. If the LINK price breaks the overhead trendline with a 4-hour candle closing, the buyers will gain a suitable launchpad to drive recovery to $20.5, followed by $23.
Also Read: 5 Altcoins That Could Potentially Hit $100 In 2024: DRAGON, AVAX, LINK, TIA, ARB
Technical Indicator
- Experimental Moving Average: The LINK price suitability above daily EMAs(20, 50, 100, and 200) indicates the near-term rally is bullish. The rising price obtains dynamic support from the 20 and 50 EMA slope.
- Relative Strength Index: The daily RSI slope wavering around 50% reflects the neutral sentiment among traders.
Related Article: What Will Be My Portfolio If Chainlink Hits $100 in 2024?
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