Can Chainlink hit $23? Why LINK’s breakout seems closer than ever

LINK

As a seasoned researcher who has navigated through multiple market cycles and observed the intricacies of the crypto world, I find myself cautiously optimistic about Chainlink [LINK] right now. The price consolidation over the past few weeks has been typical of a market that’s gathering momentum for a breakout.

As a researcher, I’ve observed that Chainlink’s [LINK] price has been holding steady within a consolidation phase since the 5th of August. Should the price find a bounce back from its support at $9.65, this could potentially ignite a bullish trend moving forward.

If the price drops to $8.56, it could signal the start of a more significant downtrend. On the other hand, breaking above $10.85 would be essential to validate the upcoming uptrend.

Based on current assessments, it appears that Chainlink may hold its position for a while longer, however, a significant surge could be imminent once the market builds enough speed.

Based on my extensive experience in the financial markets and my understanding of LINK‘s current market dynamics, I believe that this recent trend could potentially result in a reversal, propelling LINK back towards its short-term high of $23. Given my past successes in trading and investing, I would confidently recommend considering LINK as a solid investment opportunity, whether on a long-term or short-term basis.

Is the rebound around the corner?

At the current moment, the Relative Strength Index (RSI) was approaching the 50% mark on the 4-hour graph, suggesting a possible market recovery might be imminent.

The chart pattern recently developed a double bottom around the 46% mark, suggesting it might be preparing to shift direction and head upwards towards the 50% level, potentially signaling an impending bullish turn for LINK.

Investing in Chainlink for the long term might be advantageous now, given that experts forecast an expansion of the overall cryptocurrency market.

Declining LINK balance on exchanges

According to data tracked on the blockchain by Coinglass, there has been a decline in the amount of LINK tokens held on exchanges. This could be because of the recent market downturn and the current corrective phase for most altcoins.

Based on my years of experience in the crypto market, I believe this decline could signal a potential rebound for Chainlink. I’ve often observed that when an asset’s exchange balance decreases, it can mean large financial institutions are preparing to buy, sensing an upcoming price surge. This pattern has proven true in many instances throughout my investment journey.

When account balances are low, it might suggest that a change in price direction, potentially a rise, is about to happen. This situation could offer a good moment for investment since Chainlink, together with many other cryptocurrencies, appears ready for a rebound.

The 180-day low indicator for altcoins

The significant drop in cryptocurrency prices last week might signal a bottoming out of the market during its mid-cycle correction, according to the 180-day low indicator. This suggests that alternative coins may have reached their lowest point.

Read Chainlink’s [LINK] Price Prediction 2024-25

Instead, it’s prudent to postpone proclaiming a market recovery until we see more widespread evidence. At present, the Advance-Decline Line (ADL), which monitors the collective performance of the top 40 assets, indicates a lack of strong momentum.

As a crypto enthusiast, I find myself pondering over the current situation of Chainlink (LINK). While it’s true that the market is challenging right now, I can’t help but feel that this could be a perfect opportunity to invest for the long haul. The prices seem to have reached their bottom, making LINK an attractive prospect in my book.

2024-08-16 08:11

Is the rebound around the corner?

Declining LINK balance on exchanges

The 180-day low indicator for altcoins

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