Chainlink Bullish Run: Is $15 On The Horizon Amidst Strong Recovery?

Christian Encila

1 year ago

3 mins read

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Chainlink (LINK) has witnessed a noteworthy surge in its price over the past week, defying the increasing overhead supply pressure that typically exerts downward force on cryptocurrencies. Despite these challenges, LINK’s price has managed to maintain a slow yet steady rally, driven by the influence of a rising channel pattern.

As of the latest data from CoinGecko, Chainlink is currently trading at $12.44, marking a 1.3% gain in the last 24 hours and a remarkable 12.9% rally over the past seven days. This upward trajectory has left many investors and analysts wondering whether this rally is likely to persist or if a correction is on the horizon.

Rising Channel Pattern Supports Chainlink Rally

According to LINK’s price chart, LINK buyers may find a strong support level at $10.75. This support trendline is critical, as it serves as a safeguard against a steep correction. As long as this trendline holds, it suggests that LINK may avoid a sharp decline. A rebound from this level could empower buyers to challenge the immediate resistance at $12.6, paving the way for an advance towards the $14.65 to $15 price range.

However, amid the price action, the cryptocurrency community is abuzz with news of a substantial Chainlink transfer, meticulously tracked by Whale Alert. An impressive 3.8 million LINK tokens, equivalent to approximately $46 million, were moved between wallets of unknown origin. Such large-scale transfers within the crypto space often trigger close scrutiny, as they can potentially foreshadow significant market-moving events, including large sell orders or liquidity provisions.

🚨 🚨 3,894,965 #LINK (46,000,786 USD) transferred from unknown wallet to unknown wallethttps://t.co/CKzDNxxG9O

— Whale Alert (@whale_alert) November 5, 2023

With these developments in mind, the future of Chainlink’s price trajectory remains uncertain. The rising channel pattern and recent gains indicate a degree of bullish sentiment, but it’s important to remain cautious, as the cryptocurrency market is known for its volatility.

LINK market cap at $6.942 billion on the daily chart: TradingView.com

A Crucial Level For LINK’s Future

The ability of LINK to maintain its rally and potentially breach the $12.6 resistance level will be closely monitored by traders and analysts alike. It is essential to keep an eye on the $10.75 support level, as a breach could signal a change in the current trend. Additionally, large transfers like the one observed may hint at influential market actions on the horizon.

Chainlink (LINK) is showing resilience in the face of overhead supply pressure, and its performance over the coming days will be a focal point for the crypto community. While the current rally is promising, investors should exercise caution and remain attentive to potential market-moving events that may arise.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from iStock

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.