bullish

Value

Secret

Chainlink

<ul> 
 <li aria-level="1">Analyst Jack predicts LINK could reach $22 if it maintains above $6 and exits its falling wedge pattern.</li> 
 <li aria-level="1">LINK’s Market Value to Realized Value (MVRV) Ratio turns positive, indicating a potential market value recovery.</li> 
</ul> 
Chainlink (LINK), recorded a 4.24% increase in its price over the past 24 hours, reaching $10.23. This marks a recovery from its recent low of $9.2, although it remains below the August peak of $12.6. 
<figure id="attachment_91953" aria-describedby="caption-attachment-91953" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-91953" src="https://www.ethnews.com/wp-content/uploads/2024/09/LINKUSDT.P_2024-09-08_12-12-28.png" alt="LINKUSDT.P_2024-09-08_12-12-28" width="1384" height="857">
 <figcaption id="caption-attachment-91953" class="wp-caption-text">
 Source: Traingview
 </figcaption>
</figure> 
ETHNews analyst points out two critical conditions for LINK’s potential rise to $22. First, LINK needs to maintain its price above the $6 support level to prevent further declines. Second, it must break out from its current falling wedge pattern—a chart formation indicating potential reversals in price trends. 
<figure id="attachment_91957" aria-describedby="caption-attachment-91957" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-91957" src="https://www.ethnews.com/wp-content/uploads/2024/09/LINKUSDT.P_2024-09-08_12-14-05.png" alt="LINKUSDT.P_2024-09-08_12-14-05" width="1384" height="857">
 <figcaption id="caption-attachment-91957" class="wp-caption-text">
 Source: Tradingview
 </figcaption>
</figure> 
Observations <a href="https://www.ethnews.com/chainlinks-price-teeters-at-10-heres-why-23-might-be-around-the-corner/">from past by ETHNews</a>, performances support the possibility of significant price increases following such breakouts. For example, LINK previously escalated from $8.0 to $12.6 after a breakout. 
<figure id="attachment_91961" aria-describedby="caption-attachment-91961" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-91961" src="https://www.ethnews.com/wp-content/uploads/2024/09/mvr-link-chart.jpeg" alt="mvr-link-chart" width="1442" height="567">
 <figcaption id="caption-attachment-91961" class="wp-caption-text">
 Source: Santiment
 </figcaption>
</figure> 
Additionally, the Market Value to Realized Value (MVRV) Ratio of LINK, a metric assessing the market value relative to its realized value, recently shifted from negative to positive. This change suggests a <a href="https://www.ethnews.com/chainlinks-price-teeters-at-10-heres-why-23-might-be-around-the-corner/">potential recovery</a> in its market valuation. 
<figure id="attachment_91965" aria-describedby="caption-attachment-91965" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-91965" src="https://www.ethnews.com/wp-content/uploads/2024/09/open-interest-link-chart-santiment.jpeg" alt="open-interest-link-chart-santiment" width="1427" height="567">
 <figcaption id="caption-attachment-91965" class="wp-caption-text">
 Source: Santiment
 </figcaption>
</figure> 
The open interest in LINK, which reflects the total number of outstanding derivative contracts that have not been settled, also increased last week from $36 million to $40 million. 
<figure id="attachment_91969" aria-describedby="caption-attachment-91969" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-91969" src="https://www.ethnews.com/wp-content/uploads/2024/09/oi-link-chart-coinalyze.png" alt="oi-link-chart-coinalyze" width="1451" height="668">
 <figcaption id="caption-attachment-91969" class="wp-caption-text">
 Source: coinalyze
 </figcaption>
</figure> 
 This rise in open interest indicates a growing investor anticipation of further price gains. 
Should LINK sustain its price between $10 and $12, and close a daily session above $10.5, it could approach the $15 resistance level. 
<figure id="attachment_91973" aria-describedby="caption-attachment-91973" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-91973" src="https://www.ethnews.com/wp-content/uploads/2024/09/LINKUSDT.P_2024-09-08_12-20-47.png" alt="LINKUSDT.P_2024-09-08_12-20-47" width="1384" height="857">
 <figcaption id="caption-attachment-91973" class="wp-caption-text">
 Source: Tradingview
 </figcaption>
</figure> 
Achieving this would be an important step towards reaching the $22 mark as forecasted by <a href="https://www.ethnews.com/chainlink-whale-activity-rises-a-detailed-analysis-of-link-token-accumulation-trends/">analyst ETHNews</a>, depending on market conditions and investor sentiment in the coming weeks. 
<div class="cryptoboxes" id="mcw-12709" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-chartcoin="LINK" data-chartcurrency="USD" data-chartrate="1.000268" data-charttype="chart" data-chartview="day" data-charttheme="light" data-chartsmooth="true" data-chartareacolor="" data-chartbgcolor=""></div>
</div> 
Chainlink (LINK) is currently priced at $10.21 USD, up 0.69% in the last 24 hours, with a day’s range of $9.98 – $10.35. It has a market cap of $6.206 billion and a 24-hour trading volume of $154.35 million.&nbsp; 
With support around $10.00 and resistance at $10.35, LINK shows short-term bullish momentum as it trades above its 50-day moving average.&nbsp; 
<figure id="attachment_91977" aria-describedby="caption-attachment-91977" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-91977" src="https://www.ethnews.com/wp-content/uploads/2024/09/LINKUSDT_2024-09-08_12-22-23.png" alt="LINKUSDT_2024-09-08_12-22-23" width="1228" height="621">
 <figcaption id="caption-attachment-91977" class="wp-caption-text">
 Source: Tradingview
 </figcaption>
</figure> 
The RSI of 51 suggests it’s nearing overbought territory, but there’s still room for further upward movement. 
The post <a href="https://www.ethnews.com/revealed-the-secret-indicator-predicting-chainlinks-skyrocket/">Revealed: The Secret Indicator Predicting Chainlink’s Skyrocket!</a> appeared first on <a href="https://www.ethnews.com">ETHNews</a>.

Revealed: The Secret Indicator Predicting Chainlink’s Skyrocket!

ETHNews

Other articles published on Sep 8, 2024

Polygon and Polkadot Unveil Key Updates while CYBRO Attracts Attention With AI Features and $2M P...

Bitcoin falls by 8.6 % in august : why is vigilance necessary in september ?

Ripple CTO Weigh in on Speculations on RLUSD Stablecoin

New Cryptocurrency Releases, Listings, & Presales Today – WreathRider, Infinect, SikaSwap

Partnership Between Travala.com And Skyscanner Allows Crypto Payments At Over 2.2 Million Hotels

Bitcoin Under Pressure: 706 Million Flee ETFs!

Join our free newsletter for daily crypto updates!