bullish

Value

Secret

Chainlink

<ul>
 <li>Analyst Jack predicts LINK could reach $22 if it maintains above $6 and exits its falling wedge pattern.</li>
 <li>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 style="width: 100%" class="wp-caption aligncenter">
 <img 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>
 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 style="width: 100%" class="wp-caption aligncenter">
 <img 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>
 Source: Tradingview
 </figcaption>
</figure>
Observations <a href="https://www.ethnews.com/chainlinks-price-teeters-at-10-heres-why-23-might-be-around-the-corner/" rel="noopener noreferrer nofollow">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 style="width: 100%" class="wp-caption aligncenter">
 <img src="https://www.ethnews.com/wp-content/uploads/2024/09/mvr-link-chart.jpeg" alt="mvr-link-chart" width="1442" height="567">
 <figcaption>
 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/" rel="noopener noreferrer nofollow">potential recovery</a> in its market valuation.
<figure style="width: 100%" class="wp-caption aligncenter">
 <img 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>
 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 style="width: 100%" class="wp-caption aligncenter">
 <img 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>
 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 style="width: 100%" class="wp-caption aligncenter">
 <img 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>
 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/" rel="noopener noreferrer nofollow">analyst ETHNews</a>, depending on market conditions and investor sentiment in the coming weeks.
<div class="cryptoboxes" id="mcw-12709">
 <div class="mcw-chart mcw-chart-light"></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 style="width: 100%" class="wp-caption aligncenter">
 <img 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>
 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/" rel="noopener noreferrer nofollow">Revealed: The Secret Indicator Predicting Chainlink’s Skyrocket!</a> appeared first on <a href="https://www.ethnews.com" rel="noopener noreferrer nofollow">ETHNews</a>.

Revealed: The Secret Indicator Predicting Chainlink’s Skyrocket!

ETHNews

Other articles published on Sep 8, 2024

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