American Invest Hub
  • Politics
  • Investing
  • Business
  • Latest News

American Invest Hub

  • Politics
  • Investing
  • Business
  • Latest News
Investing

Chainlink price prediction as LINK forms a rare bullish pattern

by admin November 23, 2024
November 23, 2024
Chainlink price prediction as LINK forms a rare bullish pattern

Chainlink price has formed a rare bullish pattern, pointing to more gains in the coming weeks. LINK token jumped to $17 on Saturday, its third consecutive day of gains as the crypto fear and greed index remained in the extreme greed zone. It has jumped by 108% from its lowest level this year.

Chainlink price forms a rare bullish pattern

The daily chart shows that the LINK price has formed a rare golden cross pattern as the 50-day and 200-day Exponential Moving Averages (EMA) crossed each other. This is one of the most bullish patterns in the market in most periods.

The last time that Chainlink formed this cross was in October last year when it was trading at $8.30. It then jumped by over 170% and reached a high of $22.88, its highest level this year. Therefore, there is a likelihood that the coin will continue its strong bull run, and potentially hit its YTD high, which is about 35% above the current level. 

LINK price has other positive catalysts that could push it higher in the near term. First, momentum indicators like the Relative Strength Index (RSI) and the MACD are all pointing upwards, which is a sign of strong momentum. 

Also, the coin has jumped above the 38.2% Fibonacci Retracement level and is now near the extreme overshoot point of the Murrey Math Lines tool. It also remains above the Ichimoku cloud indicator. 

Therefore, there is a likelihood that the LINK price will continue rising as bulls target the psychological point at $20, which coincides with the highest level in May this year. A break above that level will point to more gains, potentially to the year-to-date high of near $23.

Conversely, a drop below the weak stop & reverse point at $15 will invalidate the bullish view. Such a drop will raise the chance of Chainlink falling to $10.

LINK price chart

LINK price has fundamental catalysts

Chainlink price has some fundamental catalysts that could push its price higher in the coming days. First, data shows that there is a strong demand for the coin in the spot and future markets. According to CoinGlass, the futures open interest has jumped to over $340 million, its highest level since April this year. 

Open interest is a number that looks at the volume of unfilled orders in the futures market. A higher figure is often a sign that there is strong demand. The same is happening in the spot market where its 24-hour volume jumped to over $1.3 billion.

Second, Chainlink has one of the most important roles in the blockchain industry, where it offers oracle services to developers. An oracle’s goal is to move off-chain data to the on-chain. In its case, it is used by some of the biggest players in the blockchain industry, giving it a total value secured of over $34 billion. Chronicle, the second-biggest player in the industry, has a TVS of $9.4 billion.

Third, there are rising odds that the Trump administration will approve a spot LINK ETF if there is an application. Besides, Chainlink is widely used in the industry and has even been selected to provide oracles by World Liberty Financial. 

Additionally, Chainlink has a big role in the fast-growing industry tokenization industry because of its Cross-Chain Interoperability Protocol (CCIP). CCIP is used to verify data from across various chains like Ethereum, Solana, Base, and Cardano. 

LINK price is also jumping because of the ongoing DeFi renaissance that has led to a sharp increase in the amount of money in the industry. Data shows that the TVL in the sector has jumped to almost $100 billion. 

The post Chainlink price prediction as LINK forms a rare bullish pattern appeared first on Invezz

0
FacebookTwitterGoogle +Pinterest
previous post
Avalanche price analysis: here’s why AVAX could surge 458%
next post
Dow Jones, S&P 500 rise on strong US manufacturing data; Gap jumps 15%, while Alphabet and NVIDIA slide

Related Posts

McKinsey: Commodities Trading Generated US$104 Billion in 2023

April 13, 2024

Battery Recycler Li-Cycle Secures US$75 Million Investment from...

March 16, 2024

Groundwater Issues Derail Glencore’s Queensland Carbon Capture Project

May 28, 2024

Boeing stock price analysis amid tariff-related risks

March 5, 2025

Brent and WTI crude oil price forecast as...

October 28, 2024

Rolls-Royce and GE Aviation stocks reversed: is the...

November 20, 2024

Robert Friedland: No Rational Price for Copper as...

July 13, 2024

UAE the Top Destination for Smuggled African Gold...

June 5, 2024

SCHD ETF: brace for big changes on this...

March 25, 2025

What next for the Nu Holdings stock price...

May 14, 2025

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest News

    • Interview: Strategic location gives Brazil Potash cost advantage in domestic fertiliser market, says CEO Matt Simpson

      June 1, 2025
    • Canada’s Q1 GDP expands by 2.2%, driven by exports spike ahead of potential US tariffs

      June 1, 2025
    • President Trump to host farewell for Elon Musk as DOGE leader steps away

      June 1, 2025
    • UK’s digital banks face divergent fortunes: Starling stumbles, Monzo and Revolut soars

      June 1, 2025
    • Trump wants Apple to shift iPhone production from India to the US: here’s what it means

      May 18, 2025

    Categories

    • Business (3,022)
    • Investing (2,459)
    • Latest News (1,994)
    • Politics (1,530)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: americaninvesthub.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 americaninvesthub.com | All Rights Reserved