fxs_header_sponsor_anchor

Chainlink price could have established a strong bottom and aims for a 15% upswing

  • The number of LINK whales remains in a strong uptrend.
  • Several on-chain metrics indicate that Chainlink price is on the verge of a significant rebound.
  • Chainlink remains bounded inside an ascending parallel channel.

Chainlink price has been trending downwards for the past week, but seems to be forming a potential bottom and could see a significant upswing. 

Chainlink price has defended key support level

Chainlink has formed a descending parallel channel on the 4-hour chart which can be drawn by connecting the lower highs and lower lows with two parallel trend lines. 

LINK/USD 4-hour chart

A breakout above the middle trend line of the pattern at $34.4 could quickly drive Chainlink price toward the upper boundary at $39.5. The number of whales continues to increase which is a good sign for the long term.

LINK Supply Distribution

Since March 9, 2021, the number of holders with 100,000 and 1,000,000 LINK has increased from 243 to 263. Additionally, the MVRV (30d) ratio is low and below 0% at the time of writing. 

LINK MVRV (30d) ratio

However, Chainlink continues trading inside a descending parallel channel which could see a breakdown if the key support level at $29.7 fails to hold.

LINK/USD 4-hour chart

A breakdown below this key support trend line at $29.7 will drive Chainlink price to $25 and as low as $19.7. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.