2024

Chainlink

Chainlink Price: The twelfth largest cryptocurrency <a href="https://coingape.com/markets/can-whale-accumulation-fuel-chainlink-price-to-30/" rel="noopener noreferrer nofollow">Chainlink</a> has been an outperforming asset in February 2024. Within a fortnight, the coin price jumped from $13.6 to $19.79 high, registering 45% growth. However, the LINK price has remained quiet in the last few days, projecting signs of a post-rally consolidation. Will this sideways action lead to higher growth or a precursor new correction?
Also Read: <a href="https://coingape.com/blog/chainlink-vs-solana-which-altcoin-is-worth-investment/" rel="noopener noreferrer nofollow">Chainlink vs. Solana: Which Altcoin is Worth Investment in 2024?</a>
<h2 id="b-is-chainlink-price-ready-to-surpass-20-b">Is Chainlink Price Ready to Surpass $20?</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/l/Ls1yLxTf.png" alt="BINANCE:LINKUSDT Chart " width="1814" height="836">
 <figcaption class="wp-caption-text">
 Chainlink Price| Tradingview
 </figcaption>
</figure>
Despite a recent uptick in the border market, which pushed the bitcoin price above the $46000 mark, the <a href="https://coingape.com/price/chainlink/" rel="noopener noreferrer nofollow">Chainlink price</a> has traded majority sideways. This consolation in the 4-hour time frame chart resonated within two converging trendlines which indicated pennant pattern formation.
This chart pattern commonly observed in an established uptrend offers in-between breathers to recuperate the exhausted bullish momentum. Thus, the converging trendline indicates the LINK price is poised for a decisive breakout which would signal the continuation of the recovery trendline.
Adding to the bullish note is a recent highlight from crypto analytics firm Intotheblock about $LINK whales accumulation. Over the past five days, this mysterious crypto whale has transferred a staggering total of 4,556,684 $<a href="https://coingape.com/paypal-usd-chainlink-and-paxos-forms-alliance-to-drive-adoption/" rel="noopener noreferrer nofollow">LINK</a>, valued at approximately $83.6 million, from Binance into 55 newly created wallets.&nbsp;
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 This mysterious whale continues to accumulate <a href="https://twitter.com/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$LINK</a>!
 And has accumulated a total of 4,556,684 <a href="https://twitter.com/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$LINK</a> ($83.6M) from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a> via 55 fresh wallets in the past 5 days.<a href="https://t.co/cYgH52rHzx" rel="noopener noreferrer nofollow">https://t.co/cYgH52rHzx</a><a href="https://t.co/B32QIBNNu2" rel="noopener noreferrer nofollow">https://t.co/B32QIBNNu2</a> <a href="https://t.co/cP7piTmNaT" rel="noopener noreferrer nofollow">pic.twitter.com/cP7piTmNaT</a>
 — Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1756121194938683894?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 10, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
This significant move despite current consoldation highlights a deepening interest in $LINK within the crypto community and could potentially signal upcoming market movements. If the LINK price breaks the overhead trendline with a 4-hour candle closing, the buyers will gain a suitable launchpad to drive recovery to $20.5, followed by $23.
Also Read: <a href="https://coingape.com/markets/5-altcoins-that-could-potentially-hit-100-in-2024-dragon-avax-link-tia-arb/" rel="noopener noreferrer nofollow">5 Altcoins That Could Potentially Hit $100 In 2024: DRAGON, AVAX, LINK, TIA, ARB</a>
<h2 id="b-technical-indicator-b">Technical Indicator</h2>
<ul>
 <li style="font-weight: 400;" aria-level="1">Experimental Moving Average: The LINK price suitability above daily EMAs(20, 50, 100, and 200) indicates the near-term rally is bullish. The rising price obtains dynamic support from the 20 and 50 EMA slope.</li>
 <li style="font-weight: 400;" aria-level="1">Relative Strength Index: The daily <a href="https://coingape.com/glossary/rsi-relative-strength-index/" rel="noopener noreferrer nofollow">RSI</a> slope wavering around 50% reflects the neutral sentiment among traders.</li>
</ul>
Related Article: <a href="https://coingape.com/blog/what-will-be-my-portfolio-if-chainlink-crosses-100/" rel="noopener noreferrer nofollow">What Will Be My Portfolio If Chainlink Hits $100 in 2024?</a>
The post <a href="https://coingape.com/markets/heres-why-chainlink-link-price-for-another-leap-in-feb/" rel="noopener noreferrer nofollow">Here’s Why Chainlink (LINK) Price Is Set for Another Leap in Feb</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Here’s Why Chainlink (LINK) Price Is Set for Another Leap in Feb

Table of Contents

Coingape News Media

Other articles published on Feb 10, 2024

METALSWAP RECAP: JANUARY

The Most Bullish Factor for the Crypto Markets Emerges: Bitcoin Bull Run May Unfold Soon

Solana (SOL) and VeChain (VET) Bullish, Traders Diversify With KangaMoon (KANG) Due to Unique Soc...

Can Etsy Preserve its Artisanal Charm Amidst Mainstream Ambitions?

SHIB Burns Show Unexpected Reverse, Here Are Likely Factors Behind This

BitMEX Founder Cheers Ether.fi’s Groundbreaking Billion-Dollar Milestone

Join our free newsletter for daily crypto updates!