Chainlink (LINK) Analysis, Traders Eyes on $15

Share This Post

Chainlink Price Jumps 6%, LINK Price To Retest $17?

The post Chainlink (LINK) Analysis, Traders Eyes on $15 appeared first on Coinpedia Fintech News

It appears that the bull market has officially begun, as the majority of cryptocurrencies are on the verge of a breakout. Today, on November 8, 2024, Chainlink (LINK) looks bullish, having formed a bullish price action pattern and being on the verge of a breakout.

On a daily time frame, LINK has formed a bullish ascending triangle price action pattern and is on the verge of a breakout. Based on recent price action and historical momentum, if LINK price rises and closes a daily candle above the $13.10 level, there is a strong possibility it could soar by 18% to reach the $15 level in the coming day. 

Source: Trading View

As of now, LINK is trading above the 200 Exponential Moving Average (EMA) on the daily time frame, indicating an uptrend. Traders and investors use the 200 EMA as a technical indicator to determine whether an asset is in an uptrend or a downtrend, and they react accordingly based on this analysis.

LINK’s bullish thesis will hold only if it closes a daily candle above the $13.10 level, otherwise, it may fail.

Bullish On-Chain Metrics 

On-chain metrics further support LINK’s bullish outlook. According to the on-chain analytics firm Coinglass, LINK’s Long/Short ratio on Binance currently stands at 2.10, indicating a strong bullish sentiment among traders. 

Additionally, its open interest has soared by 7.9% over the past 24 hours and 2.5% over the past four hours. This rising open interest indicates growing trader interest and an increase in positions amid a bullish outlook.

Currently, 73.02% of top traders hold long positions, while 26.98% hold short positions.

At press time, LINK is trading near $12.55, having experienced a price surge of over 4.36% in the past 24 hours. During the same period, its trading volume dropped by 23%, indicating lower trader participation amid a potential breakout.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Binance Hits $8.3B Open Interest High—Here’s What It Signals For the Crypto Market

Binance, one of the world’s largest crypto exchanges, has achieved a new milestone as its open interest (OI) surged to an all-time high (ATH) of $83 billion, according to a report by CryptoQuant

Exchanges Receive 2nd Largest Stablecoin Inflows Ever: Fuel For Bitcoin?

On-chain data shows the exchanges have just received large stablecoin inflows, something that could end up benefiting the Bitcoin rally Stablecoin Exchange Inflows Have Spiked Recently As pointed out

America Elects the Most Pro-Crypto Congress Ever, Declares Coinbase CEO

A newly elected, pro-crypto Congress is set to reshape US policy, says Coinbase CEO, with 281 advocates ready to drive clear regulations and economic freedom Coinbase CEO Welcomes the Most Pro-Crypto

Ethereum Price Rise Targets $3,000: Will It Cross the Mark?

Ethereum price started a fresh increase above the $2,720 resistance ETH is up over 10% and now approaches the key barrier at $3,000 Ethereum started a fresh surge above the $2,720 resistance zone The

Dean Skurka, CEO of Crypto Company WonderFi, Kidnapped in Toronto

The post Dean Skurka, CEO of Crypto Company WonderFi, Kidnapped in Toronto appeared first on Coinpedia Fintech News In an event that shocked the crypto space, the CEO of WonderFi- a Canada crypto

Bitcoin Price Advances Again: Can Bulls Push It Even Higher?

Bitcoin price is gaining pace above $75,000 BTC is rising and might aim for a move above the $77,000 resistance zone in the near term Bitcoin started a fresh surge above the $74,500 zone The price is