Rally

Cryptocurrency

altFINS

Chainlink

<p><strong><a href="https://captainaltcoin.com/chainlink-link-price-prediction/" target="_blank">Chainlink (LINK)</a> is a cryptocurrency that powers the Chainlink decentralized oracle network. Technical analysis suggests there could be a bullish breakout before the end of 2023.</strong></p> 
<p>In July 2023, LINK broke out above a ‘Channel Up’ chart pattern that formed on the weekly timeframe. This breakout took the price to resistance at $8.50, a level that acted as resistance multiple times in 2023 (in March and August). </p> 
<p>Although LINK was rejected at this $8.50 barrier in July, a falling wedge pattern has now formed which could point to an upside breakout.</p> 
<p>The falling wedge is a bullish pattern where trendlines connecting lower highs and lower lows converge. As the pattern nears completion, the tightening range reflects decreasing selling pressure that could foreshadow a bullish breakout. </p> 
<p>If LINK breaks out above the falling wedge, a move to retest the $8.50 resistance would be likely. A break above $8.50 could open the door for further gains, <strong>possibly a 125% move targeting $15 by end of 2023 as bullish momentum accelerates.</strong></p> 
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<p><em>Source: </em><strong><a class="thirstylink" rel="nofollow" target="_blank" title="altFINS" href="https://captainaltcoin.com/go/altfins/" data-shortcode="true"><em>altFINS – Start using it today</em></a></strong></p> 
<p>Looking at indicators, the MACD line is above the MACD signal line which is a bullish sign for momentum. The MACD line crossing above the signal line can signal an upside breakout. Meanwhile the RSI is around 50 which is neutral, reflecting the recent consolidation.</p> 
<p>Key support zones for LINK are found at $6.00 and $5.00, which were previous resistance levels now flipped to support. On the upside, resistance zones are found at $8.50 and $9.50.</p> 
<h2 class="wp-block-heading" id="chainlink-s-whale-moves">Chainlink’s Whale Moves</h2> 
<p>Chainlink whales—those who hold substantial amounts of Chainlink (LINK) tokens—play a pivotal role in influencing the asset’s price. Let’s delve into some instances that demonstrate the impact of these whale activities on LINK’s market value:</p> 
<ul> 
 <li><strong>In July 2023</strong>, a notable crypto whale made headlines by acquiring $6 million in LINK tokens, triggering a 6.5% uptick in the asset’s price.</li> 
 <li>Fast rewind to <strong>June 2023</strong>, Chainlink’s large holders became particularly active, transferring sizable quantities of LINK. This activity led to a more than 3% price ascent.</li> 
 <li>Fast forward to<strong> September 2023</strong>, a significant investment of $24 million in LINK by Chainlink whales ignited discussions among traders regarding its potential influence on market trends and price movements.</li> 
 <li>Conversely, <strong>June 2023</strong> also witnessed Chainlink whales offloading their LINK holdings following a two-year low in its price. This led to a market dominated by selling activities, which adversely affected LINK’s price.</li> 
</ul> 
<p>These examples underscore the considerable influence that Chainlink whales wield on the cryptocurrency’s price dynamics.</p> 
<h2 class="wp-block-heading" id="conclusion">Conclusion</h2> 
<p>In summary, Chainlink appears to be coiling for a bullish breakout in 2023. A falling wedge breakout combined with a MACD bullish crossover could ignite an uptrend toward the key $8.50 resistance zone. If $8.50 is surpassed, LINK could rally over 100% toward the $15 target in the coming months. </p> 
<p>However, if $6.00 support fails, it would invalidate the bullish thesis. Therefore traders may look to enter long on a clear break above the falling wedge pattern with a stop under $6.00.</p> 
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<p>The post <a rel="nofollow" href="https://captainaltcoin.com/technicals-point-to-125-explosion-for-chainlinks-link-cryptocurrency-when-to-expect-the-rally/">Technicals Point to 125% Explosion for Chainlink’s LINK Cryptocurrency – When to Expect the Rally</a> appeared first on <a rel="nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Technicals Point to 125% Explosion for Chainlink’s LINK Cryptocurrency – When to Expect the Rally

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