Chainlink Price Prediction: The Chainlink (LINK) price recently experienced a significant rebound, climbing 23% from a local support level of $18 to currently trade at $20. This resurgence in value is backed by a noticeable increase in trading volume and a steady rise in network activity. Notably, the price recovery surpassed the neckline resistance of a cup and handle pattern, hinting at the possibility of further gains.
Also Read: Can Massive Whale Accumulation Fuel Chainlink Price Rally to $30?
Can Chainlink Price Sustain Above $20?
In late January, Chainlink entered a recovery phase, with its price bouncing back from $13.50. This positive momentum led to a 46.7% increase in the LINK price over three weeks, hitting the $20 mark for the first time in 2 years. A closer look at the higher time frame charts revealed that this uptrend recently overcame the $17.5 neckline resistance of a long-term cup and handle pattern.
Such a pattern development is often viewed as a preliminary indicator of a downtrend reaching its bottom, offering traders a fresh entry point
Moreover, an analysis of Intotheblock’s content partner @EkponoAkwaowo highlighted that the Chainlink ($LINK) has hit a 22-month peak, surging by 11% to break the $20 threshold. The rise in $LINK’s value coincides with a notable uptick in the network activity, including both an increase in active addresses and the creation of new ones.
$LINK hits a 22-month high as it surges by 11% breaking the $20 mark for the first time in years!
Also, there’s an increase in active addresses and creation of new addresses with noteworthy whale activity as a specific player goes on a buying spree.
📈https://t.co/71uoZqSKH5 pic.twitter.com/vW7XBaAucI
— champagne mami 💕 (@EkponoAkwaowo) February 12, 2024
This activity has been highlighted by significant whale transactions, suggesting a concentrated buying spree by large stakeholders. If this trend continues, the Chainlink price could potentially increase by another 50%, reaching a target of $30. Nevertheless, this ascent is expected to include brief periods of retracement as the asset consolidates its gains before continuing its upward trajectory.
Also Read: Here’s Why Chainlink (LINK) Price Is Set for Another Leap in Feb
Technical Indicator
- Bollinger Band: The Bollinger Band indicator challenge on the upside hints that buyers are currently dominating this asset.
- Average Directional Index: A high value of ADX reflects the 37% the LINK is poised for a minor pullback to recuperate the exhausted bullish momentum.
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