Chainlink Price Prediction: What to Expect from LINK after 21% Rally Shatters Multi-month Hurdle

FXStreet
Updated Oct 23, 2023 11:19
Mitrade

Chainlink (LINK) price has shot up roughly 21% in the 12 hours. This massive but sudden uptick has caught many investors off guard. As a result, CoinGlass data shows that roughly $3.78 million worth of positions were liquidated in the last 12 hours. Out of these, $3.38 million worth of futures positions belonged to the bears, aka short positions, while only $406,000 worth of long positions were wiped off.

LINK liquidation

LINK liquidation, Souce: Coinglass.


Chainlink (LINK) price shows a clear sign of bullish momentum, which has propelled it by 21% in the last 12 hours. This uptrend is likely to collect the buy-side liquidity resting above $9.86 and potentially tag the $10 psychological level.


This move would constitute a 16% gain from $9.09, which is the current position that LINK is trading at. Beyond the said level, Chainlink price will face the $15.57 hurdle. Buyers need to make sure this resistance level is flipped into a support floor before betting on a continued rally. 


A weekly candlestick close above $15.57 hurdle could extend the Chainlink price rally to $29.12. 

LINK/USDT 1-day chart

LINK/USDT 1-day chart, Souce: TradingView.


On the contrary, if this weekend rally was a fluke and investors resort to profit-taking, it would trigger a sell-off. In such a case, a weekly candlestick that undoes the recent gains and produces a candlestick close below $7.69 will invalidate the bullish thesis. 


This move would bring Chainlink price back to pavilion and potentially catalyze a steep 9% correction to $7.03.



* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

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