fxs_header_sponsor_anchor

Chainlink price rises in stair-step fashion as LINK bulls hope for $24

  • Chainlink price has rallied 15% since last week
  • LINK price volume is a questionable component of the current price action
  • A close below $15 will invalidate the bullish thesis

Chainlink price is currently fluctuating in the mid $16 zone with sparse evidence of a counter-trend. 

Chainlink price could continue rallying higher

Chainlink price should have traders pleased as the digital asset has displayed classical style price action over the weekend. Last week’s thesis mentioned that a 20% rally was likely underway as the daily trend line had been breached. Over the weekend, Chainlink price cleared 75% of the target in a stair-step-like fashion. 

LINK price volume is the only disappointing factor regarding the 15% rally it has accomplished. The bulls will need to breach $17.75 with an uptick in volume in order to push the Chainlink price into the hopeful $20 zone. If an uptick in volume does come into the equation, Chainlink price should be able to sustain a $20 price level. This scenario should be all of the bullish evidence needed for traders to aim for a $24 price target confidently. 

LINK/USDT 9-Hour Chart

An invalidation for the bullish thesis will be a close into the previous support zone at $15. Should this occur, the Chainlink price will likely charge lower between $14 and $12, resulting in a 30% dip from the current price.

 

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.