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Chainlink (LINK) Surges 5%: Can $34 Be Attained

2024/01/03 08:46

Mengikuti

LINK's Recent Surge

During this period, LINK's price surged over 5%, currently trading at $15.83, with a market cap surpassing $8.9 billion according to CoinMarketCap. Notably, a bullish pennant pattern was identified by Ali, a renowned crypto analyst. Ali suggested that if LINK breaches the $17.2 resistance level, it might ascend towards $34. Conversely, a dip below $14.2 could lead to further value decline.

Assessing Resistance and Liquidations

Analyzing LINK's liquidation heatmap indicated a crucial resistance near $17. Other notable levels around $15.7 and $15 were also identified, potentially impacting LINK's price movement.

2024 Prospects and Indicators

Despite some resistance levels, buying pressure for Chainlink remained robust. A decrease in LINK supply on exchanges paired with increased supply off exchanges pointed towards strong buying pressure. However, major whale activity remained stagnant, as observed in the supply held by the top address graph.

Technical Indicators

Reviewing LINK's daily chart, the Relative Strength Index (RSI) showed an uptick, while the Money Flow Index (MFI) suggested a positive price trend continuation. Yet, the Chaikin Money Flow (CMF) indicated certain cautionary signals by decreasing during this phase.

Outlook for Chainlink

Considering these metrics and indicators, the possibility of Chainlink surpassing the $17.2 resistance zone remains intriguing. Whether LINK can achieve the $34 milestone in the near term awaits further market dynamics and sustained bullish momentum.

Dapatkan pemahaman yang lebih luas tentang industri kripto melalui laporan informatif, dan terlibat dalam diskusi mendalam dengan penulis dan pembaca yang berpikiran sama. Anda dipersilakan untuk bergabung dengan kami di komunitas Coinlive kami yang sedang berkembang:https://t.me/CoinliveSG

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