Chainlink (LINK) has experienced a significant retracement since its peak in the second week of November, where it achieved an impressive yearly high. However, analysts are now eyeing a potential resurgence as LINK recently established a higher low at $13, raising speculation about an imminent upward movement.
The weekly timeframe reveals a compelling narrative, as LINK managed to break free from a stubborn 500-day horizontal resistance area in October. This breakthrough triggered a rapid ascent, marked by four consecutive bullish weekly candlesticks, ultimately propelling LINK to a new yearly high of $16.60 just two weeks ago. The remarkable rally amounted to a staggering 130% increase in a mere four weeks.
Despite a temporary setback in the past week, characterized by the creation of the first bearish weekly candlestick since the breakout, LINK has shown resilience with a swift recovery. Technical indicators now signal an overwhelmingly bullish market sentiment, with a remarkable 97% of market participants expressing confidence in Chainlink’s future trajectory.
The Fear & Greed Index reinforces this optimism, boasting a score of 73 (Greed). Therefore, the recent price forecast indicates that LINK value will increase by 11.49% and reach $16.59 by November 28.
As of the latest data, LINK is currently trading at $14.69, boasting a 24-hour trading volume of $602 million, reflecting a robust 60% increase. However, in the last 24 hours, LINK has experienced a minor dip of 0.78%.
Chainlink’s Coinbase Boost
Adding fuel to the bullish fire is Coinbase’s recent announcement of its support for Chainlink, along with Cardano, Dogecoin, and Stellar perpetual futures contracts on Coinbase International Exchange and Coinbase Advanced.
This move follows Coinbase’s recent launch of a derivatives exchange targeting international users. The addition of ADA-PERP, LINK-PERP, DOGE-PERP, and XLM-PERP markets is scheduled to commence on or after 10 am UTC on November 30, 2023.
Based on this positive momentum, cryptocurrency experts are optimistic about LINK’s prospects for November. Projections suggest that the cryptocurrency could witness a further surge, with anticipated minimum and maximum prices of $15.25 and $16.59, respectively. This potential uptick could result in a Return on Investment (ROI) of 9.1%, reinforcing the bullish sentiment surrounding Chainlink as the crypto community eagerly awaits the end of the month.
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