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Chainlink Can Be Bought for 20% Gain: Best level to buy?
With its strong fundamentals, increasing demand in DeFi, and ongoing development of new features like staking, Chainlink (LINK)can be a good bet in the blockchain ecosystem.
Price is trading in a Channel Down pattern. With emerging patterns, traders who believe the price is likely to remain within its channel can initiate trades when the price fluctuates within its channel trendlines. With complete patterns (i.e. a breakout) – initiate a trade when the price breaks through the channel’s trendlines, either on the upper or lower side. When this happens, the price can move rapidly in the direction of that breakout.
Link Crypto Price Analysis- Price: $10.53
- Market Cap: $6.6 billion
- 24-Hour Trading Volume: $537 million
- Circulating Supply: 626.85 million LINK
- Total Supply: 1 billion LINK
Img src- Altfins
Price is in a Downtrend, however, it had a bullish breakout from Falling Wedge pattern and above $12.00 resistance, which could signal at least a temporary bullish trend reversal with +20% upside to $15.00 next.
Stop Loss at $10.15. This is a riskier trade setup because it’s a trend reversal not a trend continuation setup. It’s against the overall downtrend.
Buy Now Weekly Price AnalysisChainlink has seen a +4.5% increase over the past week.
- 7-Day Change: +4.5%
- Week Open Price: $10.08
- Trend: Short-term trend is Strong Down, Medium-term trend is Up, Long-term trend is Strong Down.
- Momentum: Price is neither overbought nor oversold currently.
- Support and Resistance: Nearest Support Zone is $8.20. Nearest Resistance Zone is $12.00, then $15.00.
- RSI (Relative Strength Index): 62 (Bullish momentum is building)
- MACD (Moving Average Convergence Divergence): Bullish crossover, indicating upward momentum
- Bollinger Bands: LINK is nearing the upper band.
- Oracle Partnerships: Chainlink continues to form partnerships to expand its oracle services across multiple DeFi projects, including integrations with top decentralized exchanges.
- Chainlink Staking: The long-awaited Chainlink staking upgrade is set to roll out in the coming months.
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