Chainlink Rises 17% – Is LINK On Course To Hit $20 This Week?
2024年1月15日 - 6:30PM
NEWSBTC
Traders in the crypto realm are watching Chainlink (LINK) with
bated breath as the price coils up near the $16 mark, hinting at a
possible break out towards $17, or even $20 given the right
conditions this week. Since November, LINK has been consolidating
between $13.00 and $17.00, exhibiting classic market cycle behavior
that presents prime opportunities for savvy traders. Technical
analysts are buzzing with potential bullish scenarios, with many
pointing to the current price action as the telltale sign of an
“accumulation phase.” As per the renowned Wyckoff method, this
phase sees sellers exiting, prices stabilizing, and indecision
ruling the market. Will Chainlink Hit The Vaunted $20 Mark?
Following accumulation comes the much-anticipated “markup phase,”
characterized by surging buying pressure, rapid price increases,
and heightened activity. And that’s precisely what the charts seem
to be foreshadowing for LINK. Indicators like the Awesome
Oscillator and MACD are flashing green and pushing towards bullish
territory, suggesting growing confidence and impending upward
momentum. Chainlink currently trading at $15.57682 on the daily
chart: TradingView.com The Relative Strength Index (RSI) also leans
north, potentially primed to cross its signal line and add fuel to
the bullish fire. Further bolstering the optimistic outlook are the
Simple Moving Averages (SMAs). Both the 100- and 200-day SMAs are
pointing north, with the latter currently nestled comfortably at
$9.994. This upward trajectory indicates the path of least
resistance lies in ascending territory for LINK. Source:
TradingView Should buying pressure build steam above current
levels, analysts predict a potential leapfrog over the 50-day SMA
at $16.95, paving the way for a psychological $17 price point. In a
highly bullish scenario, LINK could even tap into its full $20
potential, marking a 20% surge from its current position. Related
Reading: Ethereum Takes Flight: $2,600 Breach Paves The Way For ETH
Ascent To $3,000 LINK price up nearly 17% in the weekly timeframe.
Source: Coingecko 17% Rally Ignites More Optimism For LINK But a
fresh spark ignites the conversation – Chainlink just surged 17%
today, propelling it closer to the long-held $17 barrier. Could
this recent rally be the catalyst that sends LINK rocketing past
its immediate target and into uncharted territory? Related Reading:
Bitcoin Misery Worsens: King Crypto’s Worst Week Has Investors
Shivering Near $35,000 It’s still too early to definitively say.
While the technical indicators remain encouraging, external factors
and market sentiment can shift rapidly. However, one thing is
certain: Chainlink’s latest surge adds another layer of intrigue to
its already captivating price action. Whether it coils upward for a
glorious breakout or succumbs to profit-taking, the next few days
promise to be a thrilling ride for LINK holders and a fascinating
case study for technical analysis enthusiasts alike. Featured image
from iStock
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