Chainlink Price Prediction ($LINK): Ready to Fly with 35% Upside Target?
2024-11-18
Bittime - Price prediction Chainlink ($LINK), ready to fly with a target increase of 35%? The current crypto market is full of high volatility, making price movements difficult to predict.
However, amidst this uncertainty, Chainlink (LINK) managed to show a promising bullish pattern on its daily chart.
With the support of technical analysis and on-chain metrics, this altcoin is expected to experience an increase of up to 35%, reaching the target of $19 in the near future.
The following is a presentation of Chanakya's analysis from AMBCrypto.
Chainlink (LINK) Price Prediction Technical Analysis
Chainlink is currently in a pattern ascending triangle, one of the bullish formations that is often followed by significant price increases. Based on the latest technical evaluation:
Retest at Breakout Level
LINK has successfully retested the breakout level of the ascending triangle pattern, which is a strong signal for upward movement.
Position Above the 200 Day EMA
On the daily timeframe, LINK is trading above 200-day Exponential Moving Average (EMA), which indicates a long-term bullish trend.
Relative Strength Index (RSI)
LINK's RSI indicator shows positive momentum, which strengthens the prediction of a price increase in the coming days.
Read too 1 LINK to IDR
Read too $BOME Bullish Signal Analysis: Is It Time for a Long-Term Investment?
Support from On-Chain Metrics
Apart from technical signals, several on-chain indicators also reinforce the bullish outlook for LINK. Here are the important points:
Increase in Open Interest (OI)
Based on data from Coinglass, LINK's Open Interest (OI) increased by 9.5% in the last 24 hours. This increase reflects the growing interest of traders and the increasing number of open positions.
Chainlink Price Key Liquidation Levels ($LINK)
Lower Level: $13.55 – If the price falls to this level, it is estimated that approximately $5.10 million of long positions will be liquidated.
Upper Level: $14.40 – If the price reaches this level, approximately $2.44 million of short positions will be liquidated.
This increase in OI and liquidation levels shows that the market is dominated by bullish sentiment. This provides a great opportunity for LINK to achieve its price increase target.
Read too $FLOKI Price Prediction: Entering Coinbase's Roadmap, Will It Soar?
Chainlink Price Target: Poised Towards $19
Based on historical analysis and price movement patterns, LINK is expected to experience an increase of 35%, with a price target of $19. This prediction is based on the following factors:
Positive Market Sentiment: Support of on-chain metrics and technical trends.
Increased Trading Volume: A strong indicator that traders are becoming more active on LINK.
Breakout Potential: An ascending triangle pattern that is successfully penetrated is usually followed by a significant rally.
Trading Strategy for LINK
To maximize profit potential, the following strategies can be considered by traders:
Entry Price: Consider entering at $13.55 level if there is a temporary retrace.
Target Profit (TP):
TP1: $14.40
TP2: $19
Stop Loss (SL): Set SL below $13 to minimize risk.
Conclusion: Is It Time to Invest in Chainlink (LINK)?
With positive technical indicators and support from on-chain metrics, Chainlink is in a promising position to record gains of up to 35%.
If market sentiment remains favorable, the $19 price target could be achieved in the coming days or weeks.
However, investors need to pay attention to market volatility and use good risk management.
How to Buy Crypto on Bittime
Want to trade sell buy Bitcoins and crypto investment easily? Bittime is here to help! As an Indonesian crypto exchange officially registered with Bappebti, Bittime ensures every transaction is safe and fast.
Start with registration and identity verification, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!
Check the exchange rate BTC to IDR, ETH to IDR, SOL to IDR and other crypto assets to find out today's crypto market trends in real-time on Bittime.
Disclaimer: The views expressed belong exclusively to the author and do not reflect the views of this platform. This platform and its affiliates disclaim any responsibility for the accuracy or suitability of the information provided. It is for informational purposes only and not intended as financial or investment advice.
