Chainlink Price Prediction: Outperforming the broader market consolidation, Chainlink (LINK) has emerged as a standout performer among the leading cryptocurrencies. The coin price soared from $13.67 to $19.7 in just two weeks, marking a 44% increase. This surge has successfully pierced a key resistance level of a long-coming chart pattern, suggesting that the coin’s recovery may be in its initial stages.
Also Read: Chainlink (LINK) Price Shoots 17% Dominating Altcoin Rally, Next Target $25
LINK Price Escapes a 22-Month Accumulation
- The cup and handle pattern leads the current recovery trend in the LINK price
- The high momentum rally in Chainlink price may witness occasional pullback to 20-day EMA
- The intraday trading volume in the LINK coin is $1,09 Billion, indicating a 95.96% gain.
Chainlink Price Prediction| TradingView Chart
Over the last quarter, the Chainlink price has been locked in a lateral movement, finding it challenging to maintain a foothold above the pivotal $17.5 resistance level. Initially, this sideways trend cast a shadow of doubt among investors, but a broader examination of the long-term chart reveals the emergence of a cup and handle formation.
During the evolution of this pattern, the ongoing consolidation phase is typically recognized as a period that rejuvenates the previously waning bullish momentum, leading up to a significant bullish thrust.
On February 2nd, the asset’s value surged past the neckline resistance of the pattern at $17.5, hinting at the commencement of a trend reversal. The 8% surge in the day’s value that followed acts as a confirmation of buyers’ stance and setting the stage for an extended recovery.
Over $2 Million in $LINK Withdrawn in a Strategic Shift
According to Lookonchain, a respected on-chain data tracker, there’s been a significant movement of $LINK tokens. Specifically, within the span of just one hour, four new wallets have moved a staggering total of 119,583 $LINK, valued at approximately $2.15 million, away from the Binance exchange.
This activity could signal a bullish sentiment among large-scale investors towards Chainlink, suggesting they 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
Thus, under the influence of the bullish chart pattern and whale accumulation, the LINK price can chase potential targets of $24.28, followed by $30.7.
- Experimental Moving Average: An uptick in the daily EMAs(20, 50, 100, and 200) indicates the aggressive buying trend in the market.
- ADX: The rising ADX slope at 21% indicates that there is potential for the bullish trend to continue and gain strength.
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