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2024

Chainlink

Reversal

Since the onset of May, the <a href="https://coingape.com/markets/will-chainlink-price-correction12-chart-pattern-insight/" rel="noopener noreferrer nofollow">Chainlink coin</a> has been under the buying sphere showcasing a price from $12.35 to $14.6. This bullish turnaround of 18.15% teasing a bullish breakout from the wedge pattern signals an early sign of trend reversal. With the Bitcoin price surge above $63000, the altcoins are gaining sufficient momentum to drive a sustainable recovery.
Also Read: <a href="https://coingape.com/sponsored/hidden-gems-you-dont-want-to-miss-this-week/" rel="noopener noreferrer nofollow">Hidden Gems You Don’t Want To Miss This Week</a>
<h2 id="strong-is-link-price-heading-to-20-strong">Is LINK Price Heading to $20?</h2>
<img decoding="async" src="https://s3.tradingview.com/snapshots/m/mDRBFbfC.png" alt="BINANCE:LINKUSDT Chart Image by sahilmahadik07">
Amid the recent market consolidation, the <a href="https://coingape.com/price/chainlink/" rel="noopener noreferrer nofollow">Chainlink price</a> showed notable resilience above the $12.7 support. The altcoin rebounded twice from this support within three weeks showing that buyers are accumulating this asset at the market dip.
The renewed recovery has propelled the LINK price to $14.6 and given a decisive breakout from the wedge pattern. The two converging trendlines of this setup signal the weakening of bearish momentum and prepare the buyers for a bullish reversal.
According to a recent analysis by crypto analytics firm IntoTheBlock, Chainlink (LINK) has exhibited significant signs of accumulation over the past month. Despite fluctuating market conditions, there has been a pronounced negative net flow of LINK tokens from cryptocurrency exchanges, indicating that more tokens are being withdrawn than deposited.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Despite recent price movements, data from the past month shows a negative net flow from exchanges for <a href="https://twitter.com/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$LINK</a>, indicating accumulation.
 During this period, the total net outflow amounted to nearly 3.6 million <a href="https://twitter.com/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$LINK</a>. <a href="https://t.co/YnCHUNQqB2" rel="noopener noreferrer nofollow">pic.twitter.com/YnCHUNQqB2</a>
 — IntoTheBlock (@intotheblock) <a href="https://twitter.com/intotheblock/status/1787508155187867725?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 6, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
This trend is highlighted by a substantial net outflow of approximately 3.6 million LINK tokens during the observed period. Such movements typically suggest that investors are moving their assets off exchanges to hold them in private wallets, often interpreted as a bullish signal reflecting investor confidence in potential future price appreciation.
If the breakout sustains, the LINK price could drive a rally to a potential target of $18.67, followed by $20.37 and $22.8.
Also Read: <a href="https://coingape.com/blog/the-future-of-bitcoin-how-layer-2-solutions-boost-utility-through-smart-contracts/" rel="noopener noreferrer nofollow">The Future of Bitcoin: How Layer-2 Solutions Boost Utility Through Smart Contracts</a>
<h2 id="strong-technical-indicator-strong">Technical Indicator</h2>
<ul>
 <li style="font-weight: 400;" aria-level="1">BB Indicator: The LINK price from the midline of the <a href="https://coingape.com/education/bollinger-band/" rel="noopener noreferrer nofollow">Bollinger Band</a> indicator indicates the bullish sentiment is returning to this asset in the short-term trend</li>
 <li style="font-weight: 400;" aria-level="1">ADX: With the falling ADX slope at 25% the sellers are losing their grip over this asset, favoring buyers to regain trend control.</li>
</ul>
The post <a href="https://coingape.com/markets/chainlink-price-eyes-mayor-reversal-as-accumulation-intensifies/" rel="noopener noreferrer nofollow">Chainlink Price Eyes Mayor Reversal as Accumulation Intensifies</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Chainlink Price Eyes Mayor Reversal as Accumulation Intensifies

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