Chainlink price analysis shows the number 10 cryptocurrency is making considerable price recovery from the last price depreciation in February. During the price dip, LINK’s market valuation dropped from its all-time high of $37.5 to settle and secure support at the $20 mark.
Shortly after the price dip, a recovery came into the picture and has been consistent despite the persistent resistance at the $31 mark. If Chainlink manages to bypass and slice through this critical resistance level, investors should brace themselves for a massive breakout. The breakout is likely to record new all-time highs.
According to Santiment’s Whale Transactions Count technical indicator, bulky LINK holders’ addresses recently transacted massive amounts of Chainlink coins. For example, on 8th March, over 1,400 transactions, each worth more than $100,000, were implemented.
This marks the second-largest Whale transaction in the history of the number 10 cryptocurrency in the market.
According to the ascending triangle pattern movement, the Oracle crypto coin, LINK, is on the verge of a significant technical breakout. LINK shows a bullish continuation outlook that might result in a definite breakout target from the ascending triangle pattern analysis.
Bulls should prepare themselves for further price surges that might see the decentralized live price feed Oracle token reach highs of up to $43. An ascending triangle occurs when the 2 trendlines connect with the consecutive increasing lows and the relatively equal peaks (x-axis). Usually, bullish momentum is expected right before the lines touch.
Usually, ascending triangles indicate a coin’s consolidation period, identified by a low trading volume before the breakout of a significant bull run. An upsurge is expected on pushing and bypassing the x-axis. For LINK, technical indicators indicate the technical breakout is keen to slice through the $43 mark.
At the time of writing, LINK is exchanging between $30 and $31.7. On 7th March, the bulls managed to push the crypto coin past the 20-day EMA at $28 to clear the way for a possible bull run to the $32 overhead resistance.
According to LINK’s price movement for the past few days, the crypto coin seems keen to bypass the $32 overhead resistance. However, if LINK fails to slice above the ascending triangle’s x-axis soon, investors should prepare for heightened selling pressure.
Moreover, according to technical indicators available by the Moving Average Convergence Divergence (MACD), LINK’s upsurge seems to be slowing down. If this slowing happens, LINK might experience a price dip that might find support at the 200 Simple Moving Average (SMA) line right at $28.
If worst comes to worst, Chainlink might dip further in valuation under crucial support levels.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
This post was last modified on March 12, 2021 8:37 am
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