While major altcoins are consolidating, Chainlink [LINK] has chosen to run with the bull. LINK was trading at $31.46 at the time of writing, up 3.6 percent in the last 24 hours. As a result, if investors aim for a monthly high of $ 36.3, which is nearly 18 percent higher than present levels, the upswing might accelerate quickly. After spending most of its time in the top ten, LINK has fallen to 13th place. LINK is currently the twelfth largest cryptocurrency.
Chainlink Price Analysis
Chainlink, according to a well-known crypto trader and top analyst, is poised for a breakout. The Ethereum-based blockchain network Chainlink (LINK) appears to be prepared for a breakout, according to analyst Michal van de Poppe, who has 126,000 YouTube subscribers.
It is worth noting that holding support at $30 remains crucial to sustaining the uptrend to $40, as shown on the chart. Meanwhile, some delay should be expected at $32, which, if broken, will bolster LINK closer to $40.
On the flipside, a correction occurs as soon as the altcoin loses support at $30. The 200-day SMA at $28 and the 50 SMA are in line to prevent losses from revisiting $24.
The Pattern In LINK’s Chart Indicates An Upward Surge. “It’s Highly Likely That We’ll Have A Breakout Here,” Says The Analyst. You’ve Probably Seen This Structure Before, Where We’re Building Some Sort Of Rounded Bottom. A Rounded Bottom Indicates That We Will See Higher Lows [And] Higher Highs In The Near Future.”
LINK will continue to climb if it can maintain a specified key level. The analyst believes that it needs to persist above $28.87, we are on the verge of a breakout to the upwards momentum.
Chainlink price next run is expected to be about $38.50, meaning a 30% increase. But then we’ll very certainly get a new cycle for the altcoin as well, signaling that the markets will likely continue to trend.
Chainlink price needs to hold above $22 for LINK to avoid steep crash
- Chainlink price is under pressure from global markets entering risk-off mode, creating headwinds in cryptocurrencies.
- LINK price already broke $24.55, and the monthly pivot at $23.50.
- Should market turmoil accelerate, expect a test of $21.62, and a break lead to acceleration lower.
Chainlink (LINK) price has fallen following global market turmoil as investor’s increasingly reach for safe-haven assets whilst dropping riskier holdings.. Following these headwinds, bulls have seen yesterday’s gains quickly reversed, and the downturn since the beginning of November gain additional confirmation. Expect a break of $21.62 to see an accelerated sell-off towards $15, accounting for 45% losses.
Chainlink price could form a falling knife as bulls flee the scene
Chainlink faces double support with the historical level at $24.55 and the monthly pivot at $23.25, which for now looks to be holding, or at least slowing down the selling pressure.Sentiment is backing the LINK price to fall further as sell-side volume accelerates and these support levels are now likely to be penetrated. Expect further downward pressure towards $21.62, the historical August 5 level which was also respected during September.
LINK price may see some let up in the sell off from profit-taking along the way lower, eventually leading to a make-or-break moment when bears try to pierce $21.62. Whilst there may initially be a bounce off that level it will probably be followed by a break below, which would then see a massive acceleration as sidelined bears seek to jump on the descending bandwagon. The move could lead to an overall 30% devaluation..
LINK/USD daily chart
$14.95 could provide an eventual bottom, but many bears will want to lock in some profit on the way down at around $17.00 and the S2 support level. At these levels bulls will have the opportunity to pick up Chainlink at a very attractive discount. Expect a reversal from this zone, and a surge to the upside as the buy-side volume overtakes sell-side action, withLINK price rising back up towards $21.62.
Chainlink Price Analysis: LINK swiftly recovers back above $26, another lower high to be set today?
- Chainlink price analysis is bullish today.
- LINK/USD set lower low above $25 yesterday.
- Recovery above the previous low seen this morning.
Chainlink price analysis is bullish today as we expect further recovery after a slightly lower low set yesterday above the $25 mark. Therefore, LINK/USD should see more upside today, with the 28 mark as the next resistance.
The market overall saw bullish momentum return over the last 24 hours as sellers are exhausted. Bitcoin gained 2.72 percent, while Ethereum 2.18 percent. Meanwhile, Avalanche (AVAX) is among the top performers, with a gain of over 11 percent.
Chainlink price movement in the last 24 hours: Chainlink sets lower low at $25, starts the day bullish
LINK/USD traded in a range of $25.20 – $26.79, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by 20 percent, totaling $949.7 billion, while the total market cap trades around $12.49 billion, ranking the coin in 19th place overall.
LINK/USD 4-hour chart: LINK to set lower high today?
On the 4-hour chart, we can see the Chainlink price rapidly retracing yesterdays loss as another lower high should be set today.
Chainlink price has seen strong bearish momentum since a new major swing high was set at $38 on the 10th of November. After an initial drop to $33, a consolidation followed until the middle of the month, when another spike lower was seen.
Support was initially reached at $28, with further push lower following on the 18th of November, taking LINK/USD to $26. After a slight recovery over the weekend, sellers took over again on Monday, slowly pushing the market lower until the $26 mark was tested again yesterday.
The Chainlink price could not hold for long, breaking below the support and establishing a new lower low above $25. Since then, LINK/USD has seen a quick recovery above $26, with further upside likely to be tested later today.
Chainlink Price Analysis: Conclusion
Chainlink price analysis is bearish today as we currently see strong retracement looking to set another higher low. Therefore, LINK/USD should see further upside later today as the market has not yet peaked.
While waiting for Chainlink to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.
Ethereum whales have a master plan for Chainlink after prolonged consolidation
- Top 1000 Ethereum whales actively trade more Chainlink than Shiba Inu and Crypto.com tokens put together.
- Chainlink’s trade volume surpassed $2 million, and the altcoin was more popular than SHIB and CRO tokens.
- Analysts set a bullish $38 target for LINK price based on a similarity between current and previous trends.
The top 1000 Ethereum whale wallets are actively trading Chainlink, and the altcoin is preparing for a comeback after prolonged consolidation.
Ethereum whales trigger a spike in Chainlink’s on-chain activity
Chainlink has dropped out of the top 15 cryptocurrencies by market capitalization and suffered prolonged consolidation. Chainlink continues to onboard new partners through its oracle service, leading to increased popularity for the altcoin over the past quarter.
The top 1000 Ethereum whale wallets are a major contributor to the rise in Chainlink trading volume. Chainlink has topped the list of most traded cryptocurrencies by whale wallets, dominating Shiba Inu and Crypto.com.
Chainlink is the sixth most popular cryptocurrency among traders, with $380 million in holdings of the top Ethereum whales. Proponents consider that the recent drop in Chainlink price may be linked to the risk-off trend in financial markets.
Chainlink network’s total value locked (TVL) exceeded $75 billion at the beginning of November 2021. Increasing exposure to the metaverse and the rise in partnerships in the DeFi ecosystem has triggered a spike in the growth trajectory of Chainlink.
Sergey Nazarov, co-founder of Chainlink protocol, recently tweeted:
As Chainlink’s decentralized services expand beyond validated data e.g., Keepers/Off-chain Compute & CCIP, the Chainlink economy grows in both the value secured ($80Bn+) and the fees generated from that security. Super-linear staking is being worked on to increase security & fees.
Analysts are bullish on LINK price and set a target of $38 for the altcoin before the end of 2021. @linkmarine007, a cryptocurrency analyst, has compared the LINK price trend with the previous cycle.
How $LINK gets to $500. All of this has happened before and all of this will happen again. #linkmarine old timers know this can happen. pic.twitter.com/2rHNWi5rOz— D (@linkmarine007) November 19, 2021