Chainlink Price Prediction: A Strong Performer in the Crypto Market
Chainlink (LINK) has been outperforming other cryptocurrencies, with its price surging by 44% in just two weeks. This significant increase has allowed it to break through a key resistance level and indicates that the coin’s recovery may be in its early stages.
LINK Price Escapes a 22-Month Accumulation
- The current recovery trend in the LINK price is led by the cup and handle pattern.
- There may be occasional pullbacks to the 20-day EMA during the high momentum rally.
- The intraday trading volume for LINK is $1.09 billion, showing a 95.96% gain.
Over the past quarter, Chainlink has been consolidating and struggling to maintain a foothold above the $17.5 resistance level. However, a closer look at the long-term chart reveals the emergence of a cup and handle formation. This pattern suggests that the ongoing consolidation phase is rejuvenating bullish momentum and setting the stage for a significant upward movement.
On February 2nd, LINK broke past the neckline resistance of $17.5, indicating a trend reversal. The subsequent 8% surge confirmed buyers’ stance and signaled an extended recovery.
Over $2 Million in $LINK Withdrawn in a Strategic Shift
According to on-chain data tracker Lookonchain, there has been a significant movement of $LINK tokens. In just one hour, four new wallets withdrew a total of 119,583 $LINK (approximately $2.15 million) from Binance exchange. This activity suggests a bullish sentiment among large-scale investors who see potential value in accumulating LINK at current levels.
It seems that a whale/institution is accumulating $LINK!
We noticed 4 fresh wallets withdrew a total of 119,583 $LINK($2.15M) from #Binance in the past 1 hour.https://t.co/G09rO9rlwNhttps://t.co/Bby3SaN7cmhttps://t.co/0NowecVP2ahttps://t.co/dVX9K2CNeK pic.twitter.com/KJsY0w7F5W
— Lookonchain (@lookonchain) February 5, 2024
With the bullish chart pattern and whale accumulation, the potential price targets for LINK are $24.28 and $30.7.
- The uptick in daily EMAs (20, 50, 100, and 200) indicates an aggressive buying trend.
- The rising ADX slope at 21% suggests that the bullish trend has the potential to continue and gain strength.
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Hot Take: Chainlink’s Strong Recovery Points to Further Gains
Chainlink’s recent surge in price, breakout from a long consolidation phase, and whale accumulation indicate a positive outlook for the cryptocurrency. With the cup and handle pattern leading the recovery, there is potential for LINK to reach price targets of $24.28 and $30.7. The increased trading volume and bullish indicators further support this optimistic view. As such, it may be a good time for investors to consider adding Chainlink to their portfolios.
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