- Chainlink’s inverted head-and-shoulders and falling wedge patterns signaled a potential bullish trend reversal for eager traders.
A close above $14.7 could propel LINK to $18.3, aligning with crucial 100-day and 200-day EMA levels.
As a seasoned crypto investor with several years of experience under my belt, I’ve seen my fair share of market fluctuations and bullish trends in the cryptocurrency landscape. And recently, Chainlink [LINK] has been catching my attention due to its promising technical patterns and potential for growth.
In the past few weeks, Chainlink [LINK] has exhibited indications of a rebound. Based on their analysis of the price trends, technical experts have pinpointed various optimistic structures in Chainlink’s chart patterns, implying the likelihood of additional gains.
An inverted head and shoulders pattern has formed on the 4-hour chart, which is commonly interpreted as a possible indicator of an upcoming trend shift.
An alternate expression for this could be: The daily chart showed signs of a falling wedge formation. Such patterns often mark the termination of a slump and may signal an impending price surge.
For traders and investors seeking indications of a bullish market, these technical patterns offer promising signals.
As a dedicated crypto researcher, I’ve identified a noteworthy price threshold for Chainlink (LINK). Based on my analysis, if LINK manages to break above the resistance level at $14.7, we could witness a bullish trend pushing the price up towards $18.3. I made this observation public on platform X, formerly known as Twitter.
“A sustained close above $14.7 could send $LINK to $18.3!”
At this point, the price matches where the 100-day and 200-day Exponential Moving Averages intersect. This significant convergence forms a potential supply area for traders, making it essential to keep an eye on.
Chainlink: Current market performance
At the moment of compilation, Chainlink was priced at $14.28 during trading, registering a 24-hour trading volume of approximately $534.9 million. This equates to a 1.94% price rise in the last day and a 3.64% growth over the previous seven days.
At the current moment, the nine-day moving average for the MA line stood at 14.090. This figure signified that the latest price was slightly higher than the average, potentially signaling a support level in the vicinity of this price.
As a researcher studying the financial markets, I observed that the Relative Strength Index (RSI) for Chainlink stood at 53.52. This figure placed Chainlink in the neutral zone on the RSI scale. Being in this zone indicated an equal balance between buying and selling pressure, neither suggesting an overbought or oversold condition for Chainlink at the time of analysis.
As a researcher observing market trends, I’ve noticed that the Relative Strength Index (RSI) has been moving above the midline consistently since early July. This suggests a gradual build-up of buying pressure and a potential shift in market momentum towards the bullish side.
The MACD indicator displayed a favorable histogram level of 0.224, while the MACD line surpassed the signal line by 0.162, indicating a bullish trend in the market.
In early July, the intersection of MACD lines provided a bullish signal, while the subsequent positive divergence reinforced this optimistic view.
On-chain signals
Based on IntoTheBlock’s analysis, at the present moment, Chainlink has produced contrasting outcomes for its investors. Approximately half (49%) have recorded profits, while nearly one in ten (9%) are just breaking even. Unfortunately, the remaining 43% have experienced losses with their investment.
Approximately two-thirds of the token supply was held by major investors, while the price of this token exhibited a significant correlation with Bitcoin [BTC], amounting to 0.85.
Realistic or not, here’s LINK’s market cap in BTC’s terms
As a researcher examining on-chain data, I observed a generally bullish trend with several positive indicators. The number of “In the Money” addresses, representing transactions where the price of the cryptocurrency is above the cost basis, was 1.78% higher. The concentration indicator, which measures the distribution of wealth among addresses, showed a slight decrease of -0.20%. Lastly, large transactions, which can signify whale activity or institutional interest, increased by 0.51%. However, network growth remained neutral at 0.14%.
The signs presented a contradictory picture, as the “Smart Price” indicated a bearish trend at 0.01%, while the “Bid- Ask Volume Imbalance” suggested a bullish stance with a reading of 5.04%.
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2024-07-22 21:12