Bitcoin

Chainlink

Spot

Rise

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/chainlink-shows-strength-amid-market-turbulence-potential-rise-to-20/" data-wpel-link="internal">Chainlink Shows Strength Amid Market Turbulence, Potential Rise to $20</a><br></p>
<p style="text-align: justify">Chainlink (LINK), the 14th largest cryptocurrency by market value, is showing strength by significantly outperforming the general market sell-offs. While <a href="https://en.coin-turk.com/crypto-analyst-predicts-lengthy-consolidation-period-for-bitcoin/" data-wpel-link="internal">Bitcoin</a>‘s (BTC) price has fallen below $41,000 and many major altcoins have pulled back sharply, LINK has sustained above $14.2. The primary reason for the altcoin’s strong performance is attributed to a bullish chart pattern known as the ‘inverse head and shoulders’ (TOBO), which could potentially lead to a rise up to $20.</p> 
<h2 style="text-align: justify" id="strong-link-indicates-uptrend-signal-with-inverse-head-and-shoulders-pattern-strong"><strong>LINK Indicates Uptrend Signal with Inverse Head and Shoulders Pattern</strong></h2> 
<p style="text-align: justify">Following the launch of the Spot Bitcoin ETF, Bitcoin and other altcoins began showing a negative trend, while LINK’s price has been moving sideways for the last two months. The altcoin’s lack of significant price movement has fueled indecision among buyers and sellers.</p> 
<p style="text-align: justify">Looking at the daily price chart, it is evident that the altcoin is moving between two trend lines, indicating a well-known chart formation called the ‘expanding channel’. This formation guides the price movement between the two trend lines before a definitive breakout during market uncertainty.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-304934" src="https://coin-turk.com/wp-content/uploads/2024/01/Chainlink-LINK-Altcoin.png" alt="" width="1946" height="893"></p> 
<p style="text-align: justify">LINK last saw a 30% increase on January 8th, reaching up to $16.39, and then pulled back from the formation’s lower trend line. Amidst the current market sell-offs, LINK’s price is now successfully holding above the $14.2 level, demonstrating its strength.</p> 
<p style="text-align: justify">On-chain data tracked by IntoTheBlock indicates a significant trend for LINK. Following a partial price drop, a whale-level investor saw this as an opportunity and made a purchase. The crypto whale bought 601,949 LINK at an average price of $14.81, amounting to $8.9 million. The distribution of LINKs to three new wallet addresses after this significant purchase is a sign of strong confidence in the altcoin.</p> 
<h2 style="text-align: justify" id="strong-is-chainlink-s-price-ready-for-a-rise-strong"><strong>Is Chainlink’s Price Ready for a Rise?</strong></h2> 
<p style="text-align: justify">With renewed buying interest, LINK’s price is showing strength and facilitating the development of the TOBO formation. This bullish formation reflects a change in market dynamics and represents a significant recovery opportunity for buyers.</p> 
<p style="text-align: justify">The altcoin, currently trading at $15.2, needs to break above the $16.2 neckline resistance. A potential breakout from here could support a long-term recovery of up to 15%, reaching the resistance of the parallel channel formation at $18.5. A sustained uptrend confirmation requires a breakout above this barrier, and a future breakout could lead to LINK rising to $20 and beyond.</p> 
<p style="text-align: justify">Moreover, LINK’s price being above the 100-day EMA indicates that the prevailing trend is bullish. Additionally, the bullish crossover between the MACD (blue) and the signal (orange) lines reflects a returning sense of recovery in the market.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/chainlink-shows-strength-amid-market-turbulence-potential-rise-to-20/" data-wpel-link="internal">Chainlink Shows Strength Amid Market Turbulence, Potential Rise to $20</a></h5>

Chainlink Shows Strength Amid Market Turbulence, Potential Rise to $20

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