LINK's revitalization indicated: A glance at how surpassing $15.30 could potentially drive LINK to $17
Looks like Chainlink is ready to soar! At the moment, LINK is trading at around $15.02 - a 0.55% gain over the past 24 hours.
Bulls are putting up quite a fight at the $15.30 resistance, but they've got some powerful allies on their side. Multiple technical indicators and on-chain signals are lining up to support a potential breakout.
technically speaking
This isn't just any old resistance: LINK has formed an inverse head-and-shoulders pattern on the 4-hour chart, with the neckline right at $15.30. If you clear that resistance, it could be game on!
But it's not just about the head-and-shoulders; there's also a bullish moving average crossover going on. The 9 EMA has crossed above the 21 EMA, confirming that short-term momentum is strong and that the bulls might just be taking control again.
on-chain activity speaks volumes
Exchange reserves have seen a 1.03% decline over the past week, which suggests less selling pressure on the horizon. That makes the long-term outlook look a little less bearish. However, things change quickly in the crypto world: in the last 24 hours, exchange netflows jumped 37.46%, indicating a sudden increase in deposit activity that may lead to increased near-term selling.
Despite this, on-chain indicators show promising growth. Over the last 24 hours transfer volume shot up by 73.2%, signaling elevated coin movement, and active addresses increased by 11.06%, indicating more participation from wallets. Importantly, although the total transaction count dropped slightly by 2.23%, it's more likely to reflect temporary consolidation rather than dwindling interest.
derivatives show a balanced market
The derivatives market is showing a mildly bullish sentiment. The Funding Rate, as of press time, is 0.0090%, indicating that longs dominate but without excessive leverage. That means speculative pressure remains under control, which is positive for any potential rally.
time for a trend confirmation?
A SuperTrend indicator has just given a fresh buy signal on LINK's daily chart. This indicator can be a strong confirmatory signal for a new bullish phase or trend reversal. If LINK can close decisively above $15.30, this SuperTrend shift could be the confirmation we're looking for that a broader market reversal is indeed on the horizon.
it's not too late to get in
With all these bullish indicators aligning, a rally toward the $17 mark seems likely if the breakout is confirmed. But remember, overcoming resistance levels is key, and short-term exchange inflows may introduce some slight caution.
So, buckle up, crypto warriors! The signs are all pointing to possible green candles ahead for LINK. Keep an eye on $15.30 – if that resistance crumbles, it might just be a bull run from there on out!
- The cryptocurrency Chainlink (LINK) is currently trading at around $15.02, indicating a 0.55% gain over the past 24 hours, potentially setting the stage for a bullish breakout.
- Technical analysis supports this bullish outlook, with LINK forming an inverse head-and-shoulders pattern on the 4-hour chart and a bullish moving average crossover.
- On-chain indicators show promising growth, as transfer volume and active addresses have increased, signaling elevated coin movement and more participating wallets.
- The derivatives market is slightly bullish, with the Funding Rate indicating that longs dominate without excessive leverage.
- A SuperTrend indicator has recently given a fresh buy signal on LINK's daily chart, which could be a strong confirmatory signal for a new bullish phase or trend reversal.
- With all these bullish indicators aligning, it may not be too late to invest in Chainlink, as a rally toward the $17 mark is possible if the breakout is confirmed, but caution should be exercised as short-term exchange inflows may introduce some volatility.
