mt logoMyToken
Market cap:
0%
FGI:
0%
Cryptocurrencies--
Exchanges--
ETH Gas:--
EN
USD
APP

Chainlink (LINK) Price Analysis: Is LINK Poised for a Major Rebound?

Collect
Share

The post Chainlink (LINK) Price Analysis: Is LINK Poised for a Major Rebound? appeared first on Coinpedia Fintech News

As the altcoin market prepares for a possible parabolic altseason in the near future, Chainlink (LINK) price has signaled a potential reversal soon. The large-cap altcoin, with a fully diluted valuation of about $13.8 billion and a 24-hour average trading volume of around $373 million, closed last week in a hammer candlestick.

In the past 24 hours, LINK price gained around 1 percent to trade at about $13.76 on Monday, March 17 during the early New York session. However, LINK price has dropped over 28 percent since the second inauguration inauguration of U.S. President Donald Trump

From a technical analysis standpoint, Chainlink price has been forming a macro rising trend, characterized by higher highs and higher lows. In the weekly time frame, the LINK price has been retesting the lower boundary of a rising channel, signaling a potential reversal.

In case of a sustained bullish sentiment, LINK price is aiming for $24 in the short term, which coincides with the daily 1.618 Fibonacci Retracement. However, a sustained closure below $13 will lead to a further correction towards $10 in the near future.

The Chainlink network has grown into a vital lifeline for the mainstream adoption of web3 protocols. As Coinpedia noted, the Chainlink network has attracted the attention of President Donald Trump-backed World Liberty Financial (WLFI) among other top-tier web3 institutional investors.

In the last week, the Chainlink network reported 11 integrations of the Chainlink standard across 4 services and 12 different chains.Meanwhile, on-chain activities show whale investors have not been aggressively accumulating LINK in the recent past. For instance, market data from Intotheblock shows that LINK transactions greater than $100l have dropped from 620 txns on March 14 to around 121 txns on Monday.

Disclaimer: The copyright of this article belongs to the original author and does not represent MyToken(www.mytokencap.com)Opinions and positions; please contact us if you have questions about content