Chainlink’s price has recently struggled to establish a close above $12, aiming to recover losses from the late July crash. Despite these challenges, LINK appears poised for a potential breakout, backed by increasing investor confidence.
With renewed interest in the altcoin, Chainlink’s price may be preparing for a significant move upward.
High Hopes From Chainlink
Market sentiment for Chainlink has remained resilient, with the Mean Coin Age (MCA) consistently showing an uptick despite the volatile price action. This upward trend in MCA indicates that long-term holders (LTHs) are choosing to retain their holdings rather than moving or selling them.
Such behavior from LTHs demonstrates a strong conviction in Chainlink’s potential, as these investors show a willingness to weather short-term fluctuations for longer-term gains. The increased MCA signals a stable accumulation phase among holders, reinforcing positive sentiment for Chainlink. As more investors opt to hold, Chainlink gains a stronger foundation for future growth.
Read More: How To Buy Chainlink (LINK) and Everything You Need To Know
The MCA is further fueling the claims of analyst The Moon on X (Twitter) that Chainlink’s price is poised for a 53% rally. This target is drawn from the symmetrical triangle in which LINK is moving.
The analyst’s outlook suggests a breakout from the macro bullish pattern could send LINK towards $19. However, this will warrant the altcoin to first secure $13 as a support floor to even attempt a 53% jump.
LINK Price Prediction: Securing Support
Chainlink’s price rose by 6% in the last 24 hours, currently targeting a close above $12.15, aligning with the 50% Fibonacci Retracement line. This level has acted as a significant barrier for LINK, making it crucial for establishing further upward momentum. A close above $12.15 would signal a stronger bullish outlook for the altcoin.
Analysts’ claims of a potential 50% rally are based on a broader macro timeframe. In the short term, securing the 50% Fibonacci level as support is essential for Chainlink to aim for the 61.8% Fib level at $12.78. Breaching this level could further solidify Chainlink’s upward trajectory, bringing it closer to a more substantial rally.
Read More: Chainlink (LINK) Price Prediction 2024/2025/2030
However, if Chainlink fails to surpass the $12.15 resistance, a decline to $11.52 is likely. This drop would push LINK down to $10.75, aligning with the 23.6% Fibonacci Retracement line and weakening the bullish outlook.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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Aaryamann Shrivastava
https://beincrypto.com/chainlink-price-on-the-brink-of-jump/
2024-10-30 13:30:00
