Disclosure Today
  • Home
  • Business
  • Gaming
  • Crypto
Sunday, May 28, 2023
No Result
View All Result
  • Home
  • Business
  • Gaming
  • Crypto
No Result
View All Result
Disclosure Today
No Result
View All Result
Home Crypto

Chainlink Looks Ready to Start a New Bull Rally

Ali Martinez by Ali Martinez
October 19, 2021
in Crypto
0
24
SHARES
800
VIEWS
Share on FacebookShare on Twitter

Chainlink could be approaching a new uptrend—but it needs to hold above $20.

Key Takeaways
Chainlink is currently trading around the lower boundary of a multi-year parallel channel.
A spike in buying pressure around the current price levels could push LINK into a new bull run.
However, a breach of the $20 support could lead to significant losses.

Chainlink appears to be trading at a crucial support level that has previously marked the beginning of a bull run. Similar price action could push LINK as high as $200. 

Chainlink Primed for New All-Time Highs
Chainlink looks ready to run.

LINK has suffered a steep correction since rising to $36.40 on Sep. 6. The decentralized oracle token has shed almost 30% of its value since then, currently trading at around $26. 

The downtrend seen over the last two weeks could have been anticipated as LINK got rejected by the middle trendline of an ascending parallel channel, where its price has been contained since May 2018 on the weekly chart. 

Every time LINK has risen to this technical formation’s upper boundary since then, the uptrend has reached exhaustion, and prices have retraced to the pattern’s lower edge. From this point, LINK tends to rebound, which is consistent with the characteristics of a parallel channel.

Now that the asset appears to have found support around the channel’s lower trendline, it looks like a bullish impulse could be underway. Chainlink could soon rise toward the channel’s middle or upper trendline. These resistance areas sit at $70 and $200 respectively. 

Source: TradingViewThe behavior of whales buying into LINK supports the bullish outlook. Data from on-chain analytics platform Santiment shows that the buying pressure behind Chainlink has dramatically increased in the last few months, with addresses holding between 1 million and 10 million LINK now holding 167.7 million tokens. 

Source: SantimentAlthough the odds appear to favor the bulls, the parallel channel’s lower boundary could create a bearish scenario. This significant area of support has contained every wave of downward pressure since May 2018. Breaching such a strong foothold could instigate panic selling among investors, leading to significant losses. 

The channel’s lower boundary sits at $20 at press time. Any signs of weakness at this price point could result in a correction towards $13 or even $8. 

This news was brought to you by Phemex, our preferred Derivatives Partner.

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

deBridge Announces $5.5m Fundraising Five Months After Winning Chainli…

deBridge has closed a $5.5 million funding round. deBridge Announces Seven-Figure Raise deBridge, a cross-chain interoperability and liquidity transfer protocol, is delighted to announce the closing of a $5.5 million…

Bingbon Integrates Chainlink Price Feeds

Bingbon has integrated DeFi’s top oracle. Bingbon Now Using Chainlink In a combination of centralized and decentralized systems, Bingbon is now using and sponsoring the industry-leading Chainlink Price Feeds to provide…

Solana Integrates Chainlink to Offer Crypto Price Feeds

News

Aug. 25, 2021

Solana announced today that it has integrated Chainlink with its platform, allowing developers to utilize decentralized price feeds. Solana Devnet Adds Chainlink Chainlink is an oracle service that provides price…

What is Impermanent Loss and How can you avoid it?

DeFi has given traders and investors new opportunities to earn on their crypto holdings. One of these ways is by providing liquidity to the Automated Market Makers (AMMs). Instead of holding assets,…

Read More

Previous Post

Fantom Hits New All-Time High as Rally Continues

Next Post

Bitcoin Futures ETF Set to Hit Highest Launch Day Trading Volume

Next Post

Bitcoin Futures ETF Set to Hit Highest Launch Day Trading Volume

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Staff allege toxic culture and mismanagement at State of Decay 3 studio

March 31, 2022

Alchemix (ALCX), Ethereum Name Service (ENS), Gala (GALA), mStable USD (MUSD) and Power Ledger…

November 15, 2021
GameStop’s net sales for Q1 2022 hit $1.38 billion

GameStop’s net sales for Q1 2022 hit $1.38 billion

June 2, 2022

Coinbase Voices: How crypto changed my life

November 1, 2021

After Boris Johnson, Britain needs a different kind of politics

July 7, 2022

Tesla warns of supply chain constraints as it reports record profit

January 27, 2022
Curve hires former Activision SVP as CFO | Jobs Roundup: May 2022

Curve hires former Activision SVP as CFO | Jobs Roundup: May 2022

May 8, 2022

Bitcoin “Is Failing as an Electronic Cash System”: Edward Snowden

June 11, 2022

This $5 indie game bundle has 60+ games and benefits a wildlife protection charity

December 4, 2021

Elden Ring is the best-selling title of 2022 so far

March 11, 2022

Xbox: We can’t reach the billions of gamers without underrepresented creators

March 27, 2023

Coinbase Giving: Half Year in Review

December 23, 2021

Profit halves at Barclays after bad loan charges and misconduct provisions hit

July 28, 2022

EA has “at least” two more Marvel games in the works

November 1, 2022

US senator presses Valve on Nazi content

December 28, 2022

Nintendo Switch Sports holds No.1 after small sales drop | UK Boxed Charts

May 10, 2022
  • Home
  • Crypto

© 2021 Disclosure / Today.

No Result
View All Result
  • Home
  • Crypto

© 2021 Disclosure / Today.