Chainlink Price Prediction: LINK Rebounds and Surpasses $20
The price of Chainlink (LINK) has recently experienced a significant rebound, rising by 23% from its local support level of $18 to its current price of $20. This increase in value is supported by higher trading volume and a steady rise in network activity. Additionally, the price recovery has surpassed the neckline resistance of a cup and handle pattern, suggesting the possibility of further gains.
Can Chainlink Price Sustain Above $20?
In late January, Chainlink entered a recovery phase after reaching $13.50. This positive momentum led to a 46.7% increase in the LINK price over three weeks, pushing it above the $20 mark for the first time in two years. Analysis of higher time frame charts shows that this uptrend has overcome the long-term cup and handle pattern’s neckline resistance at $17.5.
This pattern development often indicates that a downtrend has reached its bottom, providing traders with a new entry point.
Chainlink Hits 22-Month High with Increased Network Activity
An analysis by Intotheblock’s content partner @EkponoAkwaowo reveals that Chainlink (LINK) has reached a 22-month high, surging by 11% to break the $20 threshold. This rise in value coincides with a significant increase in network activity, including more active addresses and new address creations.
Notably, there have been notable whale transactions suggesting concentrated buying activity by large stakeholders. If this trend continues, the Chainlink price could potentially increase by another 50%, reaching a target of $30. However, some retracement periods are expected as the asset consolidates its gains before continuing its upward trajectory.
Technical Indicator
- Bollinger Band: The Bollinger Band indicator suggests that buyers are currently dominating the asset.
- Average Directional Index: A high value of ADX indicates that LINK may experience a minor pullback to recover from the exhausted bullish momentum.
Note: This is a prediction and not financial advice. Please do your own research before investing.
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