Flow

2024

Chainlink

MN Coin

<ul>
 <li>LINK was up by more than 5% in the 24 hours.&nbsp;</li>
 <li style="font-weight: 400;">Buying pressure was high, and most indicators looked bullish.&nbsp;</li>
</ul>
The year 2024 began on a good note for multiple cryptos, and <a href="https://ambcrypto.com/search/chainlink" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Chainlink [LINK]</a> was one of them. Notably, a bullish pattern formed on Chainlink’s chart, suggesting an increased possibility of a bull rally.
<h4>Are the Chainlink bulls here?</h4>
In the last 24 hours, Link’s price surged by more than 5%. According to <a href="https://coinmarketcap.com/currencies/chainlink/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">CoinMarketCap</a>, at the time of writing, LINK was trading at $15.83 with a market capitalization of over $8.9 billion. 
Amidst that, Ali, a popular crypto analyst, pointed out a bullish pennant pattern being formed on Chainlink’s chart.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <a href="https://twitter.com/hashtag/Chainlink?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#Chainlink</a> shows signs of a bull pennant formation. A decisive close above $17.2 could be the catalyst for a breakout, potentially propelling <a href="https://twitter.com/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$LINK</a> toward $34.
 However, keep an eye on the $14.2 level – a drop below this could invalidate the current bullish outlook for <a href="https://twitter.com/hashtag/LINK?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#LINK</a>. <a href="https://t.co/N9e6peREPn" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/N9e6peREPn</a>
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1741923247334011252?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">January 1, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
If LINK managed to go above the resistance level at $17.2, its price might soon touch $34. However, if that does not happen, then investors must also keep an eye on the $14.2 level, as if LINK falls below it, its value might plummet further.
 To check whether this was true, AMBCrypto had a look at LINK’s liquidation heatmap. Our analysis revealed that <a href="https://ambcrypto.com/chainlink-whales-move-towards-link-as-prices-fall-what-next/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">LINK</a> does face a key resistance zone near $17. 
Apart from that, two other levels of whether LINK might witness high liquidations again were near $15.7 and $15.
<div id="attachment_361676" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2024/01/newplot-3.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-361676" decoding="async" class="wp-image-361676 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2024/01/newplot-3.png" alt="" width="1482" height="736" srcset="https://statics.ambcrypto.com/wp-content/uploads/2024/01/newplot-3.png 1482w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/newplot-3-300x149.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/newplot-3-1024x509.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/newplot-3-768x381.png 768w" sizes="(max-width: 1482px) 100vw, 1482px"></a>
 Source: Hyblock Capital
</div>
<h4>What to expect from LINK in 2024</h4>
Though there were a few resistance levels to overcome, buying pressure on the token remained high. This was evident from the fact that Chainlink’s Supply of Exchanges dropped last week. 
This happened while its Supply outside of Exchanges shot up, signifying high buying pressure. Nonetheless, there was not much whale activity around the token as its supply held by the top address graph remained flat last week.
<div id="attachment_361677" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2024/01/ChainLink-on-Ethereum-LINK-12.13.38-02-Jan-2024.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-361677" decoding="async" class="wp-image-361677 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2024/01/ChainLink-on-Ethereum-LINK-12.13.38-02-Jan-2024.png" alt="" width="3840" height="1300" srcset="https://statics.ambcrypto.com/wp-content/uploads/2024/01/ChainLink-on-Ethereum-LINK-12.13.38-02-Jan-2024.png 2560w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/ChainLink-on-Ethereum-LINK-12.13.38-02-Jan-2024-300x102.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/ChainLink-on-Ethereum-LINK-12.13.38-02-Jan-2024-1024x347.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/ChainLink-on-Ethereum-LINK-12.13.38-02-Jan-2024-768x260.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/ChainLink-on-Ethereum-LINK-12.13.38-02-Jan-2024-1536x520.png 1536w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/ChainLink-on-Ethereum-LINK-12.13.38-02-Jan-2024-2048x693.png 2048w" sizes="(max-width: 3840px) 100vw, 3840px"></a>
 Source: Santiment
</div>
To better understand whether Chainlink will be able to go above the $17.2 resistance zone, AMBCrypto checked LINK’s daily chart. We found that <a href="https://ambcrypto.com/chainlink-is-another-rally-in-the-works-for-link/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">LINK</a>’s Relative Strength Index (RSI) registered an uptick from the neutral mark at press time. 
Realistic or not, here’s <a href="https://ambcrypto.com/calculator/marketcap" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">LINK market cap in BTC’s terms</a>&nbsp; &nbsp;
Its Money Flow Index (MFI) also followed a similar route, increasing the chances of a continued northward price movement over the days to come.
However, the Chaikin Money Flow (CMF) flashed concerning signals, as it went down during this period. Considering the aforementioned metrics and indicators, it will be interesting to see whether Chainlink reaches $34 anytime soon.
<div id="attachment_361679" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2024/01/LINKUSDT_2024-01-02_12-16-06.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-361679" decoding="async" class="wp-image-361679 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2024/01/LINKUSDT_2024-01-02_12-16-06.png" alt="" width="1544" height="791" srcset="https://statics.ambcrypto.com/wp-content/uploads/2024/01/LINKUSDT_2024-01-02_12-16-06.png 1544w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/LINKUSDT_2024-01-02_12-16-06-300x154.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/LINKUSDT_2024-01-02_12-16-06-1024x525.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/LINKUSDT_2024-01-02_12-16-06-768x393.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/LINKUSDT_2024-01-02_12-16-06-1536x787.png 1536w" sizes="(max-width: 1544px) 100vw, 1544px"></a>
 Source: TradingView
</div>

LINK price rises 5% in 24 hours: Is a $34 prediction viable?

AMBCrypto

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