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Tuesday, February 20, 2024

Chainlink Increases Accumulation To 190 Days After FTX Fiasco, Is $12 Possible?

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  •  LINK’s price fails to hold amidst market turmoil as price falls back into its accumulation zone with a range-bound movement.
  •  LINK’s price continues to show strength after a bearish downtrend with the market’s current state, as things look uncertain for most traders and investors. 
  • LINK’s price bounces from a low of $5.8 on the daily timeframes as the price aims for a recovery toward the 50 Exponential Moving Average (EMA)

In the last few days, the crypto market has seen some drastic shift in sentiment, with Chainlink (LINK) and the price of other altcoins battling for survival after the news broke that Binance would not be taking over FTX and the company had gone bankrupt. Previous weeks saw the price of Chainlink (LINK) perform well, rallying from a low of $6.3 to a high of $9, breaking out of its long-range price movement. Most altcoins trend higher as many produced gains of over 200%, including DOGE rallying from a region of $0.55 to a high of $0.15, with many hoping for more recovery bounce. Still, these expectations were cut short by the uncertainty surrounding the crypto market, leading to much fear about where the market is headed. (Data from Binance)

Chainlink (LINK) Price Analysis On The Weekly Chart

The past few days have been filled with so much turbulence in the crypto space as many altcoins have struggled to show strength after losing their key support holding off price decline.

The current uncertainty surrounding the market has resulted in reluctance on the part of traders and investors to make altcoin purchases, as there is no assurance if they would be heading up any time soon.

The news of Binance rescuing the situation by taking over FTX led to so much tension as the crypto space remains unsettled, leading to most altcoins suffering in price, including the price of LINK, after breaking out of its range movement of over 180 days. Still, the price suffered a setback to its range zone. 

LINK’s price declined to a weekly low of $6.3 before bouncing off this region, showing some great strength to a region of $6.4 as the price aims to break higher. The price of LINK needs to flip the region of $7.5-$8, acting as a resistance to support. 

Weekly resistance for the price of LINK – $8.

Weekly support for the price of LINK – $6.3.

Price Analysis Of LINK On The Daily (1D) Chart

Daily LINK Price Chart | Source: LINKUSDT On Tradingview.com

The price of LINK remains considerably strong in the daily timeframe as the price trades above $6.3 support after bouncing off from the region of $5.8.

If the price of LINK breaks above $8, we could see more rallies for LINK price; a break below a region of $5 would lead to more sell-offs for LINK.  

Daily resistance for the LINK price – $8.

Daily support for the LINK price – $6.5.

Featured Image From Daily Hodl, Charts From Tradingview

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