Convergence

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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

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