Chainlink (LINK) Eyes 35% Upside Rally to $19 Level

Chainlink (LINK) Poised for 35% Upside Rally to $19 Level

The cryptocurrency market has seen significant upswings in recent days, with Chainlink (LINK) leading the charge, setting a potential 35% upside rally to the $19 level. A bullish triangle formation has been bullishly tested in recent days, indicating strongilty and support from peers and analysts.

The price action pattern suggests that LINK is following a ‘bullish triangle’ formation, which has been a reliable indicator of an upward trend. Furthermore, LINK has maintained its price above the breakout of the ascending triangle pattern, highlighting the cryptocurrency’s fundamental strength.

Fundamental Strength and Bullish Indicators

LINK is currently trading above its 200-day Exponential Moving Average (EMA) on the daily timeframe, which is a significant indication of an upward trend. This suggests that LINK may maintain its uptrend in the near future. The Relative Strength Index (RSI) also indicates potential upside momentum for LINK, suggesting that the cryptocurrency is still in good condition.

In addition to the bullish technical indicators, on-chain metrics also suggest a positive outlook for the crypto market. Open Interest (OI) has increased by 9.5% in the past 24 hours, indicating greater trader interest and an increase in open positions. This could result in increased buying pressure and higher prices.

Support Levels and Liquidation Levels

According to on-chain metrics, LINK’s liquidation levels reveal major support levels at $13.55 and $14.40, respectively. These levels are expected to act as a buffer in the event of downside movements, providing reassurance to investors and traders.

Considering these factors, it’s no wonder that LINK is on track to achieve 5% or more growth towards the $19 level due to its bullish price action pattern, above the 200-day EMA, and solid on-chain performance.

A Word of Caution

While the signs suggest that LINK could have an advantage, it’s essential to remember that the cryptocurrency market is known for its volatility, and prices can fluctuate rapidly. As a result, investors should exercise caution when investing in this type of currency.

The current configuration appears to be an appealing prospect for those who are inclined towards LINK to take advantage of the potential 35% rise to the $19 level. For more insights and information on the cryptocurrency market, check out this article on CoinSeeks.com: Chainlink Price Prediction 2023.

Conclusion

In summary, Chainlink’s bullish indicators are evident, with price action pattern, on-chain metrics, and market sentiment all indicating a strong fundamental trend. As the market evolves, it will be intriguing to see how LINK performs and whether it can realistically aim for the $19 range in the near future.