Chainlink (LINK) Indicator Shows Potential for 300% Increase
If you’ve been following Chainlink (LINK), you may have noticed that a significant signal has appeared, indicating the potential for a substantial price increase. The LINK price has also broken out from a more than 500-day horizontal range, reaching a new yearly high today.
Chainlink Moves Outside Accumulation Range
Looking at the weekly timeframe technical analysis, you can see that the LINK price traded in a range between $5.80 and $9 since May 2022. After briefly falling below the range low in June 2023, it reclaimed the area and validated it as support in September.
This led to an increase of 120% in less than two months, culminating with a new yearly high of $13.34 today. The increase also caused a breakout from the range high, which had been in place for 530 days.
Cryptocurrency trader CryptoGodJohn tweeted about the breakout from the long-term range, stating that LINK is one of the best-looking altcoins in the market right now.
Despite the increase, wallet profitability still lags, being at 55%. The main supply block lies at $16.27, and if the LINK price surpasses it, the wallet profitability ratio will go above 80%.
Hong Kong’s HashKey Exchange to List Chainlink for Professional Investors
Some positive LINK news hit today as TheBlock announced that Hong Kong’s HashKey Exchange will list Chainlink for professional investors starting on November 10. To celebrate the listing, the exchange announced a quiz with a prize equivalent to $640.
LINK Price Prediction – Indicator Supports Increase
The weekly Relative Strength Index (RSI) supports the continuing increase of the LINK price. The RSI is moving upwards and is above 50, with the indicator crossing into overbought territory.
The two previous times the Chainlink indicator gave this signal led to upward movements of 320% and 300%, respectively.
A 300% increase from when the RSI crossed overbought territory would take the LINK price to the $37 resistance area, causing a breakout above the $18 horizontal resistance.
Hot Take: Chainlink (LINK) Shows Strong Potential for Significant Price Increase
The recent breakout from a long-term accumulation range and positive news about listing on HashKey Exchange show that Chainlink (LINK) has strong potential for significant price increase. With indicators supporting continued growth and historical precedents indicating substantial upward movements, now might be an opportune time to pay attention to LINK’s performance in the crypto market.
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