As a seasoned crypto investor with a background in technical analysis, I’m excited about the recent developments with Chainlink (LINK). Over the past few weeks, I’ve witnessed the coin hovering between $12.35 and $14.6, showing signs of a potential bullish breakout from the wedge pattern.
Starting in May, the Chainlink coin has been within reach for buyers with prices ranging between $12.35 and $14.6. The recent 18.15% price increase hints at an imminent breakout from the wedge pattern, potentially marking the beginning of a trend reversal. The upward momentum of Bitcoin, surging above $63,000, is providing enough power to push altcoins towards a steady rebound.
Is LINK Price Heading to $20?
In the current market’s wave of mergers and acquisitions, the Chainlink token displayed remarkable strength, staying above the $12.7 mark as a support. The altcoin bounced back on two occasions from this level over a three-week period, indicating that buyers are actively purchasing Chainlink during price declines.
The price of LINK has surged to $14.6 following the strong market recovery, marking a clear breakout from its wedge pattern. The intersection of these two trendlines in this configuration indicates a decrease in bearish pressure and sets the stage for a potential bullish turnaround.
Based on a recent study conducted by crypto intelligence firm IntoTheBlock, Chainlink (LINK) has shown notable signs of investors amassing the cryptocurrency over the past month. In spite of the volatile market scenario, there’s been a noticeable increase in the outflow of LINK tokens from digital exchanges, suggesting that more tokens are being taken off the platforms than put back on them.
Based on the previous month’s data, there has been a greater amount of $LINK leaving exchanges than entering, suggesting that investors are amassing this cryptocurrency despite recent price fluctuations.
During this period, the total net outflow amounted to nearly 3.6 million $LINK.
— IntoTheBlock (@intotheblock) May 6, 2024
During the given timeframe, around 3.6 million LINK tokens left exchanges, indicating a notable withdrawal trend. This action is usually seen as a sign that investors are transferring their assets to personal wallets. Such a shift can be interpreted as a bullish indicator, suggesting investor faith in the token’s future price growth.
If the price trend for LINK continues, it may lead to a surge in its value, potentially reaching $18.67 as the first milestone. Subsequent targets could be at $20.37 and $22.8.
Technical Indicator
- BB Indicator: The LINK price from the midline of the Bollinger Band indicator indicates the bullish sentiment is returning to this asset in the short-term trend
ADX: With the falling ADX slope at 25% the sellers are losing their grip over this asset, favoring buyers to regain trend control.
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2024-05-06 22:23