Chainlink (LINK) has been making headlines with a remarkable surge of approximately 30% over the last week, leaving investors astounded and sparking hope for an impending uptrend. The digital asset reached $10.83 on a Sunday, a substantial climb after breaking free from a descending channel the day before.
Notable crypto analyst Titan of Crypto, a Technical Analyst, tweeted about the intriguing developments in Chainlink’s chart. He pointed out that LINK demonstrated strength against BTC and USDT a few weeks ago, breaking through various critical levels such as the trend line, S8 resistance, and the Kumo cloud.
While there might be a potential pullback to retest the $8 support level, he emphasized the importance of monitoring the lagging span as a filter. If its breakout is confirmed, potential targets include $11.8, $17, $21.1, and $32.
Michaël van de Poppe, CEO & Founder of MN Trading, also chimed in, noting that Chainlink was showing momentum. He highlighted the breakout above the range high and the establishment of a new yearly high. Van de Poppe expressed interest in buying between $8-8.50 should dips occur, anticipating a rise to $12.
On-chain analytics firm Santiment previously provided insight into Chainlink’s recent growth, underscoring a surge in whale transactions, unique interacting addresses, and trading volume, propelling Chainlink to a three-month high.
Chainlink Current Price Analysis
According to the latest data from CoinMarketCap, LINK’s current price is $10.23, boasting a 24-hour trading volume of $1 billion and experiencing an 8% increase. However, the cryptocurrency saw a 4.05% dip in the last 24 hours.
Chainlink holds the 13th position in CoinMarketCap’s ranking, with a market capitalization of $5 billion. It currently has 556,849,970 LINK coins in circulation out of a maximum supply of 1,000,000,000.
From a technical perspective, data from Coincodex indicates a bullish sentiment surrounding Chainlink’s price prediction. Twenty-five technical analysis indicators signal bullish trends, while eight signal bearish ones. The 200-day Simple Moving Average (SMA) for Chainlink is expected to rise to $7.63 by November 22.
While the short-term 50-Day SMA is estimated to reach $10.61 on the same date. Furthermore, the Relative Strength Index (RSI) currently stands at 82.05, indicating that the LINK market is overbought and suggesting a potential price increase.
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