Chainlink Price Maintains Support Level, Sees 13.6% Increase
The Chainlink price has successfully held above the $13.6 support level, resulting in a 13.6% increase over the past week.
Chainlink Price Sets Up for Resistance Breakout
- The LINK price has been rising for five consecutive days, indicating active buying activity.
- However, it will face strong resistance at the $17.5 level.
- The intraday trading volume for LINK is $495 million, showing a 32% gain.
Chainlink Price Exhibits Sideways Trend
Over the past three months, the Chainlink price has shown significant volatility and moved within two trendlines, indicating a lack of clear direction.
Large Holders Accumulate Chainlink
A recent analysis revealed that large holders have increased their holdings of LINK by over 57 million in the last 30 days.
This accumulation may indicate growing confidence in Chainlink or a strategic investment approach.
Large Chainlink holders added more than 57M $LINK to their balances in the last 30 days. pic.twitter.com/bnlIJdTEbN
— IntoTheBlock (@intotheblock) January 30, 2024
Potential Breakout and Price Target
There is anticipation that the LINK price may rise by 7% to breach the neckline resistance at $16.67, leading to increased buying pressure and potentially surpassing the $17.5 resistance.
If successful, this could set a new level for buyers to aim for $30.
Technical Indicators
- The lower boundary of the Bollinger Band indicator provides additional support for buyers.
- A bullish crossover between the MACD(blue) and signal(orange) indicates a recovery trend.
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Hot Take: Chainlink Price Shows Promising Signs of Recovery
The Chainlink price has experienced a positive turnaround, maintaining its support level and seeing a significant increase. With active buying activity and large holders accumulating more LINK, there is potential for a breakout and higher price targets. Technical indicators also suggest a recovery trend. Overall, the outlook for Chainlink appears promising as it continues to show signs of recovery and potential growth.
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