Chainlink (LINK) Price Eyeing Bullish Momentum
You have been keeping a close eye on the recent movements in the Chainlink (LINK) price, and it seems that bullish momentum is on the horizon. The insights provided in the latest analysis have been confirmed, indicating a positive outlook for LINK in the near future.
Confirmation of Bullish Outlook on Daily Chart
- Chainlink (LINK) has broken above the upper boundary of the Ichimoku cloud on the daily timeframe, currently at $17.41.
- This breakout is a bullish signal, suggesting further upward momentum if the price maintains this level.
The 100-day EMA at $16.02 is acting as strong support, with LINK trading above it, showing a bullish sentiment. Sustained buying pressure is evident as long as the price remains above this EMA. The upper boundary of the Ichimoku cloud at $17.41 is the immediate resistance level to watch. Breaking and closing above this level would confirm continued bullish momentum.
Analysis on 4-Hour Time Frame
- On the 4-hour timeframe, LINK is trading above the Ichimoku cloud, indicating a bullish trend.
- The green cloud shows an upward trajectory, providing support below the current price.
The 100-period EMA at $16.050 is a dynamic support level for LINK, reinforcing the positive outlook. Continuously trading above this EMA supports the bullish sentiment as well.
Historical In/Out of the Money Data Analysis
- The historical in/out of the money chart displays the proportion of addresses in profit, at break-even, and at a loss based on Chainlink’s current price.
- About 70% of addresses are currently in profit, indicating strong investor sentiment.
This bullish sign suggests that most holders are in profit, alleviating selling pressure. In the past, high percentages of addresses in profit have coincided with upward trends in LINK’s price.
Strategic Recommendations for LINK to Reach $18.70
- Maintain Current Positions: With positive signals from the Ichimoku Cloud breakout and support from the 100-day EMA, continue holding long positions.
- Watch Key Resistance Levels: Monitor the $17.41 resistance level for a potential breakout towards $18.70. Set alerts for significant price movements above this resistance level.
- Monitor Support Levels: Keep an eye on the $16.021 (100-day EMA) and $15.378 (lower boundary of the Ichimoku Cloud) as crucial support levels. Consider these levels for possible entry points if the price retraces.
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