- At the time of writing, Chainlink was up 3% in the last 24 hours
LINK’s long-term potential remains strong, despite some bearish signals
As an analyst with over two decades of experience in the financial markets, I have seen my fair share of bull runs and bear markets. With that said, Chainlink (LINK) is a project that has consistently intrigued me due to its innovative approach to blockchain technology and real-world applications.
Chainlink (LINK), a well-known digital currency in the crypto world, currently holds a market capitalization of approximately $6.86 billion. Its total value when considering all potential shares is estimated at around $10.95 billion.
Following a recent drop causing its value to dip beneath $10, LINK has unsuccessfully attempted to break through this significant threshold on three separate occasions – suggesting a possible upward trend ahead.
Currently, LINK is being exchanged for approximately $11, having experienced a 3% increase over the past 24 hours as per CoinMarketCap. Although its immediate price fluctuations indicate some difficulties, its past performance and long-term prospects continue to look promising.
LINK’s journey
Reflecting on LINK‘s past trajectory, it experienced a substantial leap from $0.6 to an impressive $55, following a break above a two-year foundation. At present, LINK is undergoing a four-year phase of accumulation, which may potentially trigger another major surge, much like its previous price action.
Should Chainlink manage to surge past its current stage and reach its previous record high, it has the potential to yield substantial returns of approximately 420% relative to its current value.
The impending surge in this field is likely to be reinforced by the latest advancements in blockchain technology, including the integration of Chainlink’s Cross-Chain Interoperability Protocol (CCIP) into systems like Ronin.
Currently, although there are positive indications, it’s tough to predict precisely when Chainlink (LINK) will experience its next significant surge. Current trend analysis points towards a potential price increase not happening until early next year, likely between January and March.
Short-term investors might find favorable trends arising, yet those anticipating significant price shifts should practice patience.
Currently, at the present moment, LINK‘s weekly patterns are demonstrating resilience following a dip to its daily minimums. If it manages to surge before the week ends, it might prolong its upward trend for brief-term investors during the upcoming week.
On the other hand, it appears that this strength might be temporary. Therefore, traders are advised to exercise caution.
LINK’s liquidation heatmap
It’s also important to look at the liquidation levels of LINK, as they can provide clues about potential changes in its price movement.
As a researcher examining market trends, I’ve observed that markets naturally gravitate toward areas with higher liquidity for smoother trading. In my recent study, I analyzed the liquidation heatmap of Chainlink on Bybit over a three-month period. The results highlighted that the $14 level holds significant importance, suggesting it could potentially act as a critical benchmark in future price movements.
As a crypto investor, I’m keeping a close eye on the current price level. With around $1.5 million in leveraged positions potentially facing liquidation at this point, it seems like an attractive trigger for a potential rally in LINK.
Should LINK attain that particular level, it may spark the highly anticipated surge beyond its four-year amassing period.
In simpler terms, the recent behavior of Chainlink’s price suggests that there could be more significant increases ahead. This is particularly true if it successfully breaks free from its prolonged period of limited price movement.
Regarding the upcoming rally with an undetermined timeframe, it’s crucial for investors to remain alert. This is particularly important given that Chainlink appears robust and there’s a potential for another significant surge.
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2024-10-12 18:15