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Chainlink
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Chainlink (LINK) Signal Returns That Prompted 14,000% Surge

Tony "The Bull" by Tony "The Bull"
3 months ago
in LINK
Reading Time: 2 mins read

Chainlink (LINK) was among a subset of cryptocurrencies that made a lower low on daily timeframes recently. A lower low is indicative of a continued downtrend and weakness at support.

However, on higher timeframes, technical tell a very different story — one of possible strength building. In fact, a signal has appeared that the last time around prompted a 14,000% rally in LINKUSD.

High Timeframe Bullish Confluence Hints At Surprise Chainlink Recovery

Chainlink (LINKUSD) remains down more than 80% from its former all-time highs. Worse yet, after a full year at bear market lows, the range broke down temporarily forming a lower low on daily charts.

In technical analysis, higher timeframes provide more dominant signals. And although there was a lower low made on the daily, the monthly timeframe did not make a lower low on a closing basis.

Related Reading: GM: How A Morning Star Pattern Could Awaken Altcoins

On top of being a possible range deviation and reclaim, the monthly candlestick formed a dragonfly doji. A dragonfly doji In Japanese candlestick analysis represents a possible bullish reversal pattern.

Within even lower timeframes, Chainlink was among a slew of altcoins they formed a different bullish Japanese candlesticks reversal pattern on weekly timeframes, called the morning star pattern.

Chainlink

Will a similar trend follow? | LINKUSD on TradingView.com

A LINK To The Past: Oversold Stochastic No More

If bullish range reclaim on low timeframes, and a pair of higher timeframe Japanese candlestick reversal patterns aren’t enough confluence for you, there’s more.

The one-month Stochastic has left oversold territory for the first time since late 2021. The indicator spent all of 2022 oversold, and halfway through 2023.

Related Reading: Why Bitcoin Dominance Hints At A Surprise Altcoin Season Ahead

Prior to that, the last time Chainlink left oversold conditions was back in early 2019, before going on an over 14,000% run. The signal is back and in alignment with the potential reversal patterns from above.

Meanwhile, Bitcoin and other cryptocurrencies have enjoyed much more of a recovery by comparison. The broader trend turning around more clearly could remove whatever doubt is remaining surrounding LINK, allowing the altcoin to return to its former glory days.

This chart originally appeared in Issue #10 of CoinChartist (VIP). Sign up for a free subscription.

Tony is the author of the CoinChartist (VIP) newsletter. Follow @TonyTheBullBTC & @coinchartist_io on Twitter. Or join the TonyTradesBTC Telegram for daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
Tags: chainlinkLinkLINKUSDlinkusdt
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Tony "The Bull"

Tony "The Bull"

Tony is the “always-on” Editorial Director and Head of Research at NewsBTC, leading a talented team of writers and editors across several different global time zones. Tony is also the founder of CoinChartist.io – an educational website focused on crypto trading. Partners include Elliott Wave International, TradingView, and more. Tony’s background includes an extensive, award-winning media production career and over fifteen years of publishing operations and management. In the past, Tony has founded several media websites and his content has been read billions of times. Past clients include the BBC, Fidelity, and many others. Tony "The Bull" is a level 3 CMT student (passed level 1 & 2), technical analyst, Bitcoin supporter, and avid speculator. He owns a python named Satoshi. Tony longs for the day when money is separated from the state. Tony is deeply fascinated by core market principles such as Elliott Wave Theory as they tie into mathematics like Fibonacci ratios. Market timing though DeMark indicators, Ichimoku, Gann tools, or Hurst Cycle Theory are also of key interest. Tony provides completely original content driven by exclusive, independent research. For more insights and education from Tony, check out his free TonyTradesBTC Telegram channel. Follow @TonyTheBullBTC on Twitter. You can also follow @CoinChartist_io on Twitter and subscribe on YouTube.

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