Convergence

Accumulate

Bitcoin ETF

Chainlink

ETF COIN

<img width="1200" height="551" src="https://coingape.com/wp-content/uploads/2024/01/2jvKaTlu-e1705680936315.png" alt="Chainlink Price prediction" style="float:right; margin:0 0 10px 10px;">
The 14th largest cryptocurrency by market cap, <a href="https://coingape.com/markets/chainlink-price-on-the-edge-of-14-drawdown-if-this-key-pattern-validates/" rel="noopener noreferrer nofollow">Chainlink</a> has made a quick recovery from the crypto market sell-off on Thursday. While the BTC price plunged below $42000 and major altcoin prolonged their correction, the LINK price showcased sustainability above $14.2. With an intraday gain of 5%, the coin price is developing a bullish reversal pattern called an inverted head and shoulder pattern. Will the renowned buying pressure surge the Chainlink price past the $20 mark?
<h2 id="strong-head-shoulder-pattern-sets-15-surge-ahead-strong">Head &amp; Shoulder Pattern Sets 15% Surge Ahead</h2>
<ul>
 <li style="font-weight: 400;">Expanding channel pattern breakout will assist LINK to escape market uncertainty.&nbsp;&nbsp;</li>
 <li style="font-weight: 400;">The flattish 20-and-50- EMAs accentuate a short-term sideways trend</li>
 <li style="font-weight: 400;">The intraday trading volume in the LINK coin is $745 Million, indicating a 41% gain.</li>
</ul>
<figure style="width: 100%" class="wp-caption alignnone">
 <img src="https://s3.tradingview.com/snapshots/2/2jvKaTlu.png" alt="Chainlink Price " width="1946" height="893">
 <figcaption>
 Chainlink Price TradingView Chart
 </figcaption>
</figure>
Wavering on the market sentiment around the Bitcoin ETF launch, the <a href="https://coingape.com/price/chainlink/" rel="noopener noreferrer nofollow">Chainlink price</a> has been traveling a sideways trend for the past two months. The coin price formed a notable price swing but no conviction of more buyers or sellers created indecisiveness among traders.
A look at the daily time frame chart shows the price swing when connecting through two trendlines indicating a widely known chart pattern called an expanding channel. This pattern formed during market uncertainty guides the price behavior resonating between two trendlines, before giving a decisive breakout.
<blockquote>
 On January 8th, the coin price witnessed its latest reversal from the pattern lower trendline to trigger a 30% upswing and hit $16.39. Amid the market sell-off yesterday, the LINK price witnessed a 7% drop but managed to hold ground above $14.2.
</blockquote>
In a recent development tracked by <a rel="noopener noreferrer nofollow" href="https://x.com/lookonchain/status/1748232882022428952?s=20">IntoTheBlock</a>, a significant move was observed in the $LINK market. Following a price dip, a whale investor seized the opportunity, investing $8.9 million to acquire 601,949 $LINK, each priced at $14.81. This substantial purchase was distributed across three new wallets, indicating a strong confidence in $LINK’s value.
<h2 id="b-is-chainlink-price-ready-for-uptrend-b">Is Chainlink Price Ready For Uptrend?</h2>
With the renewed buying interest, the LINK price is 5% up and developing an inverted head and shoulder pattern. This bullish reversal pattern reflects a shift in market dynamics and an opportunity for buyers to lead significant recovery.
Currently trading at $15.2, the Chainlink price should breach the neckline resistance at $16.2. A potential breakout would bolster prolonged recovery to 15% to hit channel pattern resistance at $18.5.
A breakout above this barrier is needed to get better confirmation of sustained uptrend
<ul>
 <li style="font-weight: 400;">Experimental Moving Average: The LINK price suitability above 100-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/" rel="noopener noreferrer nofollow">EMA</a> indicates the overall trend remains bullish</li>
 <li style="font-weight: 400;">Moving Average Convergence Divergence. A bullish crossover between MACD(blue) and signal(orange) reflects the recovery sentiment returning to the market.</li>
</ul>
The post <a href="https://coingape.com/markets/chainlink-price-eyes-on-20-whales-accumulate-link/" rel="noopener noreferrer nofollow">Chainlink Price Sets Eyes on $20 As Whales Accumulate $LINK in Market Downturn</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Chainlink Price Sets Eyes on $20 As Whales Accumulate $LINK in Market Downturn

Table of Contents

Coingape News Media

Other articles published on Jan 19, 2024

Join our free newsletter for daily crypto updates!