Convergence

Rally

Bitcoin

Chainlink

Chainlink Price Prediction: LINK, the native cryptocurrency of the Chainlink oracle network, has lagged behind the broader market’s recent recovery trend. On Monday, the coin price showcased a failed breakout from a notable resistance of $20.8, reflecting the sellers continuing to defend the higher levels. Over the week, the Chainlink price tumbled 7.7% to currently exchange hands at $19.8. Will <a href="https://coingape.com/price/bitcoin/">Bitcoin price</a> potential breakout from $70000 push LINK coin back to a recovery trend? 
Also Read: <a href="https://coingape.com/bitcoin-news-blackrock-btc-holdings-surpasses-microstrategy-amid-2-bln-net-inflows-this-week/">BlackRock’s Bitcoin Holding Surpasses MicroStrategy Amid $2 Bln Net Inflows This Week</a> 
<h2 id="b-a-cup-and-handle-pattern-signals-major-uptrend-b">A Cup and Handle Pattern Signals Major Uptrend</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/v/VzYrOi17.png" alt="BINANCE:LINKUSDT Chart " width="1946" height="937">
 <figcaption class="wp-caption-text">
 Chainlink Price Prediction| Tradingview
 </figcaption>
</figure> 
An analysis of the daily time frame chart shows the <a href="https://coingape.com/price/chainlink/">Chainlink price</a> developed a well-known bullish cup and handle pattern amid the recent recovery trend. The reversal pattern signals a smooth transition from a downtrend to an uptrend displayed by a U-shaped recovery. 
<blockquote>
 On February 2nd, the coin price gave a bullish breakout from the pattern’s neckline resistance and the buyers escaped from a nearly 2-year sideways trend. The post-breakout rally pushed the LINK price 23.7% high to $21.6 a level last visit in January 2022.
</blockquote> 
However, the supply pressure at $20.8 has shifted the recovery trend sideways indicating a post-really consolidation. On March 5th, the <a href="https://coingape.com/markets/chainlink-price-prediction-as-bullish-pattern-leap-to-23/">Chainlink</a> price showcased a long-wick rejection candle at $17.5n support reflecting the buyer’s accumulation that assisted in the market dip. 
Also Read: <a href="https://coingape.com/cpi-ppi-ethereum-dencun-upgrade-crypto-market-braces-crucial-week/">CPI, PPI, &amp; Ethereum Dencun Upgrade: What To Expect From Crypto Market This Week?</a> 
<h2 id="strong-whales-bets-bullish-with-16-72-million-link-withdrawal-strong">Whales Bets Bullish with $16.72 Million LINK Withdrawal</h2> 
Lookonchain, the Onchain data tracker recently reported that eight new wallets have withdrawn 831,160 LINK tokens, worth approximately $16.72 million, from Binance within two days. This significant movement suggests whale investors are showing a strong interest in Chainlink, potentially indicating a bullish outlook for the cryptocurrency.&nbsp; 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 It seems that whales are buying <a href="https://twitter.com/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$LINK</a>! 
 We noticed that 8 fresh wallets withdrew 831,160 <a href="https://twitter.com/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$LINK</a>($16.72M) from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> in the past 2 days. 
 Address:<a href="https://t.co/bkikjTpUty">https://t.co/bkikjTpUty</a><a href="https://t.co/DaBt99fo8O">https://t.co/DaBt99fo8O</a><a href="https://t.co/h8fjMdXiU4">https://t.co/h8fjMdXiU4</a><a href="https://t.co/vcBkwRMUJM">https://t.co/vcBkwRMUJM</a><a href="https://t.co/sD9YDQd4Sj">https://t.co/sD9YDQd4Sj</a>… <a href="https://t.co/77Y9RqF3t6">pic.twitter.com/77Y9RqF3t6</a> 
 — Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1766516226065629563?ref_src=twsrc%5Etfw">March 9, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Despite the waning recovery trend in price action, these large-scale transactions hint at a strategic accumulation of assets, indicating a high potential for a renewed recovery trend. With sustained buying, the LINK price is likely to chase the pattern’s theoretical target of $30, registering a potential growth of 52%. 
Also Read: <a href="https://coingape.com/bitcoin-news-coinbase-btc-market-share-climbs-to-60-after-etf-approval/">Coinbase’s Bitcoin Market Share Climbs To 60% After ETF Approval</a> 
Technical Indicator 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Pivot Levels: As per the traditional pivot level, the Link price may face overhead supply pressure at $21.7, $24.15, followed by $27.4.</li> 
 <li style="font-weight: 400;" aria-level="1">Moving Average Convergence Divergence: A bearish crossover between the <a href="https://coingape.com/glossary/macd-moving-average-convergence-divergnece/">MACD</a> and signal line reflects the sellers are the driving force of the current price movement.</li> 
</ul> 
The post <a href="https://coingape.com/markets/chainlink-price-prediction-whale-accumulation-fuels-to-30/">Chainlink Price Prediction: Whale Accumulation Fuels Potential Breakout Rally to $30</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Chainlink Price Prediction: Whale Accumulation Fuels Potential Breakout Rally to $30

Table of Contents

Coingape News Media

Autres articles publiés le 10 mars 2024

SHIB vs XRP: Will the Memecoin Flip the Embattled Token?

China Explores Blockchain Research and Crypto Regulations

US banking sector draws speculation amid BTFP closure

Appeals Court overturns Binance’s lawsuit verdict

Unveiling ChatGPT: Your Ultimate Guide to Accessing and Maximizing the Potential

BlockDAG The Best Crypto Unveils Payment Card, Is the Solana Vs Ethereum Rivalry Done?

Join our free newsletter for daily crypto updates!