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<img decoding="async" width="1742" height="980" src="https://coingape.com/wp-content/uploads/2024/01/abstract-futuristic-technology-background-of-chainlink-link-price-graph-chart-coin-digital-cryptocurrency-vector.jpg" class="attachment-full size-full wp-post-image" alt="Chainlink" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2024/01/abstract-futuristic-technology-background-of-chainlink-link-price-graph-chart-coin-digital-cryptocurrency-vector.jpg 1742w, https://coingape.com/wp-content/uploads/2024/01/abstract-futuristic-technology-background-of-chainlink-link-price-graph-chart-coin-digital-cryptocurrency-vector-300x169.jpg 300w, https://coingape.com/wp-content/uploads/2024/01/abstract-futuristic-technology-background-of-chainlink-link-price-graph-chart-coin-digital-cryptocurrency-vector-1224x689.jpg 1224w, https://coingape.com/wp-content/uploads/2024/01/abstract-futuristic-technology-background-of-chainlink-link-price-graph-chart-coin-digital-cryptocurrency-vector-768x432.jpg 768w, https://coingape.com/wp-content/uploads/2024/01/abstract-futuristic-technology-background-of-chainlink-link-price-graph-chart-coin-digital-cryptocurrency-vector-1536x864.jpg 1536w, https://coingape.com/wp-content/uploads/2024/01/abstract-futuristic-technology-background-of-chainlink-link-price-graph-chart-coin-digital-cryptocurrency-vector-678x381.jpg 678w, https://coingape.com/wp-content/uploads/2024/01/abstract-futuristic-technology-background-of-chainlink-link-price-graph-chart-coin-digital-cryptocurrency-vector-150x84.jpg 150w" sizes="(max-width: 1742px) 100vw, 1742px">
Chainlink Price Analysis: This week witnessed a roller coaster in inverters sentiment as early week recovery spurred by <a href="https://coingape.com/spot-ethereum-etf-top-5-reasons-why-sec-offered-regulatory-nod/">Ethereum</a> because development in spot ETF is now countered by Bitcoin correction. The BTC falling for four consecutive days reached $67000, limiting the recovery for several altcoins. However, the <a href="https://coingape.com/chainlink-link-price-jumps-7-5-this-breakout-to-trigger-major-rally/">Chainlink</a> (LINK) coin shows notable resilience to the market correction as it jumped 4% today to form a reversal candle pattern— morning star at $16 support. 
Also Read: <a href="https://coingape.com/blog/what-will-be-my-portfolio-if-chainlink-price-hits-50/">What Will be My Portfolio If ChainLink(LINK) Price Hits $50?</a> 
<h2 id="b-chainlink-price-analysis-on-chain-data-shows-highest-profit-taking-ratio-since-2022-b">Chainlink Price Analysis: On-Chain Data Shows Highest Profit-Taking Ratio Since 2022</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/z/zMsOwTr6.png" alt="BINANCE:LINKUSDT Chart " width="1946" height="937">
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 Chainlink Price Analysis| Tradingview
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Chainlink’s current rally began in mid-May when the price rebounded from the monthly support level of $12.8. This renewed momentum propelled the asset upwards by 34.2%, bringing its trading price to $17.23. 
<blockquote>
 On May 16th, the rally broke through a downsloping trendline, ending a 2-month correction trend. Currently, the <a href="https://coingape.com/price/chainlink/">LINK price</a> is stabilizing above the $16 flipped support level, even as <a href="https://coingape.com/markets/bitcoin-price-why-btc-could-plunge-to-60000-before-reaching-80000/">Bitcoin</a> initiates a new correction trend.
</blockquote> 
The formation of a bullish reversal called pattern— Morning start at $16 highlights the buyers defending this support to aim for a higher target. 
According to Santiment, a crypto analytics firm, the on-chain data reveals that for every 1 LINK transaction at a loss, there are 11 transactions in profit.&nbsp; 
<blockquote class="twitter-tweet"> 
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f517.png" alt="🔗" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4c8.png" alt="📈" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a rel="nofollow" href="https://twitter.com/hashtag/Chainlink?src=hash&amp;ref_src=twsrc%5Etfw">#Chainlink</a> has climbed well ahead of the <a rel="nofollow" href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw">#crypto</a> pack, quickly surpassing $17.50 for the first time in 6 weeks. <a rel="nofollow" href="https://twitter.com/hashtag/Onchain?src=hash&amp;ref_src=twsrc%5Etfw">#Onchain</a> today, there are 11 transactions in profit for every 1 <a rel="nofollow" href="https://twitter.com/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$LINK</a> transaction at a loss. This is the highest ratio since Dec. 8, 2022. <a rel="nofollow" href="https://t.co/nILlWsXWNh">https://t.co/nILlWsXWNh</a> <a rel="nofollow" href="https://t.co/joMV55V5x7">pic.twitter.com/joMV55V5x7</a> 
 — Santiment (@santimentfeed) <a rel="nofollow" href="https://twitter.com/santimentfeed/status/1793863195788267961?ref_src=twsrc%5Etfw">May 24, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
This 11:1 ratio is the highest profit-taking ratio since December 8, 2022, indicating a strong bullish sentiment among LINK investors. This data suggests that many participants are capitalizing on profit opportunities at higher price levels, reflecting robust market confidence.&nbsp; 
Thus a potential reversal from $16 may bolster LINK price to target $18.67, followed by $20.7. 
<h2 id="span-style-font-weight-400-technical-indicator-span">Technical Indicator:</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: A potential bullish crossover between the 20-and-50-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMA</a> could accelerate the buying pressure in the LINK price</li> 
 <li style="font-weight: 400;" aria-level="1">Average Directional Index: The uptick in ADX (26%) slope with today’s price jump hints the buyers hold sufficient momentum to prolong the current recovery trend.</li> 
</ul> 
The post <a href="https://coingape.com/markets/chainlink-price-analysis-eye-higher-as-profit-taking-ratio-hits-111/">Chainlink Price Analysis: Investors Eye Higher Rally as Profit-Taking Ratio Hits 11:1</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Chainlink Price Analysis: Investors Eye Higher Rally as Profit-Taking Ratio Hits 11:1

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