Rally

2024

Chainlink

Chainlink Price Prediction: The <a href="https://coingape.com/price/chainlink/">Chainlink (LINK) price</a> recently experienced a significant rebound, climbing 23% from a local support level of $18 to currently trade at $20. This resurgence in value is backed by a noticeable increase in trading volume and a steady rise in network activity. Notably, the price recovery surpassed the neckline resistance of a cup and handle pattern, hinting at the possibility of further gains. 
Also Read: <a href="https://coingape.com/markets/can-whale-accumulation-fuel-chainlink-price-to-30/">Can Massive Whale Accumulation Fuel Chainlink Price Rally to $30?</a> 
<h2 id="b-can-chainlink-price-sustain-above-20-b">Can Chainlink Price Sustain Above $20?</h2> 
<img decoding="async" src="https://s3.tradingview.com/snapshots/d/df4GvTr1.png" alt="BINANCE:LINKUSDT Chart Image by sahilmahadik07"> 
In late January, <a href="https://coingape.com/blog/what-will-be-my-portfolio-if-chainlink-crosses-100/">Chainlink</a> entered a recovery phase, with its price bouncing back from $13.50. This positive momentum led to a 46.7% increase in the LINK price over three weeks, hitting the $20 mark for the first time in 2 years. A closer look at the higher time frame charts revealed that this uptrend recently overcame the $17.5 neckline resistance of a long-term cup and handle pattern. 
Such a pattern development is often viewed as a preliminary indicator of a downtrend reaching its bottom, offering traders a fresh entry point 
Moreover, an analysis of Intotheblock’s content partner @EkponoAkwaowo highlighted that the Chainlink ($LINK) has hit a 22-month peak, surging by 11% to break the $20 threshold. The rise in $<a href="https://coingape.com/paypal-usd-chainlink-and-paxos-forms-alliance-to-drive-adoption/">LINK’s</a> value coincides with a notable uptick in the network activity, including both an increase in active addresses and the creation of new ones.&nbsp; 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <a href="https://twitter.com/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$LINK</a> hits a 22-month high as it surges by 11% breaking the $20 mark for the first time in years! 
 Also, there’s an increase in active addresses and creation of new addresses with noteworthy whale activity as a specific player goes on a buying spree. 
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4c8.png" alt="📈" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://t.co/71uoZqSKH5">https://t.co/71uoZqSKH5</a> <a href="https://t.co/vW7XBaAucI">pic.twitter.com/vW7XBaAucI</a> 
 — champagne mami <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f495.png" alt="💕" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@EkponoAkwaowo) <a href="https://twitter.com/EkponoAkwaowo/status/1757104225010503888?ref_src=twsrc%5Etfw">February 12, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
This activity has been highlighted by significant whale transactions, suggesting a concentrated buying spree by large stakeholders. If this trend continues, the Chainlink price could potentially increase by another 50%, reaching a target of $30. Nevertheless, this ascent is expected to include brief periods of retracement as the asset consolidates its gains before continuing its upward trajectory. 
Also Read: <a href="https://coingape.com/markets/heres-why-chainlink-link-price-for-another-leap-in-feb/">Here’s Why Chainlink (LINK) Price Is Set for Another Leap in Feb</a> 
<h2 id="b-technical-indicator-b">Technical Indicator</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Bollinger Band: The Bollinger Band indicator challenge on the upside hints that buyers are currently dominating this asset.</li> 
 <li style="font-weight: 400;" aria-level="1">Average Directional Index: A high value of ADX reflects the 37% the LINK is poised for a minor pullback to recuperate the exhausted bullish momentum.</li> 
</ul> 
Related Articles: <a href="https://coingape.com/markets/the-best-4-trend-setting-altcoins-to-buy-for-2024/">The Best 4 Trend-Setting Altcoins To Buy For 2024</a> 
The post <a href="https://coingape.com/markets/chainlink-price-prediction-as-buyers-escape-22-months/">Chainlink Price Prediction As Buyers Escape 22-Month Accumulation</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Chainlink Price Prediction As Buyers Escape 22-Month Accumulation

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