Convergence

Accumulate

Bitcoin ETF

Chainlink

ETF COIN

<img width="1200" height="551" src="https://coingape.com/wp-content/uploads/2024/01/2jvKaTlu-e1705680936315.png" class="attachment-full size-full wp-post-image" alt="Chainlink Price prediction">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>Expanding channel pattern breakout will assist LINK to escape market uncertainty.&nbsp;&nbsp;</li><li>The flattish 20-and-50- EMAs accentuate a short-term sideways trend</li><li>The intraday trading volume in the LINK coin is $745 Million, indicating a 41% gain.</li></ul><figure class="wp-caption alignnone"><img src="https://s3.tradingview.com/snapshots/2/2jvKaTlu.png" alt="Chainlink Price " width="1946" height="893"><figcaption class="wp-caption-text"> 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 href="https://x.com/lookonchain/status/1748232882022428952?s=20" rel="noopener noreferrer nofollow">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>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>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

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