Chainlink’s technical signals and whale moves point to further gains

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Last Updated on 11 February 2024 by CryptoTips.eu

In February, the tenth largest cryptocurrency, Chainlink (LINK), has been one of the best-performing assets in the crypto market. The token had a 45% growth within 2 weeks, rising from $13.6 to $20.50. LINK even entered the crypto top 10.

However, Chainlink has remained silent for the past few days, forming a pattern that many analysts call a continuation pattern, which means the token might be set for another leap in the coming days and weeks.

Not only is the technical pattern of Chainlink signaling another leap, but recent news from a crypto analytics firm, Intotheblock, also signals it.

Advertentie.

LINK whales accumulation

For the past five days, a mysterious crypto whale has moved a total of 4,556,684 LINK from Binance to 55 newly created wallets, with a total value of $83.6 million.

This accumulation, despite the recent consolidation of LINK, highlights more interest in this token and could mean a potential increase for it in the coming days and weeks. 

What about the current sideway action? Will it lead to another rise for LINK, or will there be another pullback to correct the price?

Will Chainlink’s price surpass $20 with the recent price action?

While most cryptocurrencies in the crypto market have been experiencing a price increase, LINK has been trading sideways. Consolidation in the 4-hour time frame resonated with two converging trendlines, which indicated a continuation pattern formation.

This kind of pattern is mostly observed in an established uptrend and primarily helps to revive an exhausted bullish momentum. The converging trendlines indicate that the Chainlink price could be waiting for a breakout, which would signal a continuation of the recovery trendline.

If the LINK price breaks the trendline with a 4-hour candle closing, then buyers could gain a suitable momentum to push the price to $20.5, followed by $23.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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