Chainlink (LINK) poised for 35% rise amid bullish signals
The Most Important Points at a Glance
- Chainlink (LINK) is showing a bullish price pattern and could rise by up to 35% in the coming days.
- Technical indicators such as the 200-day EMA and RSI suggest a continuation of the upward trend.
- On-chain data indicates growing trader interest, confirmed by a 9.5% increase in Open Interest (OI).
- Key liquidation levels are at $13.55 and $14.40, indicating potential volatility in these areas.
Technical Analysis and Key Levels
Chainlink (LINK) has recently formed an upward pattern in the shape of an ascending triangle on the daily chart. This pattern suggests that the price could continue to rise in the coming days. At the time of analysis, LINK was trading above the 200-day Exponential Moving Average (EMA), indicating positive price development.
The Relative Strength Index (RSI), an indicator that measures the strength of a trend, also shows that the price could continue to rise in the coming days. Historically, LINK has shown strong upward movement after similar patterns, increasing the likelihood of a rise to as much as $19.
Growing Trader Interest
In addition to technical analysis, on-chain data also supports the bullish outlook for LINK. According to the analysis platform Coinglass, LINK’s Open Interest (OI) has risen by 9.5% in the last 24 hours. An increase in OI means that more traders are opening positions in LINK, indicating growing interest in the asset.
Higher OI can be seen as a sign that market participants are increasingly optimistic about LINK’s future price development. This could drive the price further upwards, especially if the overall market environment remains positive.
Key Liquidation Levels
Currently, key liquidation levels are at $13.55 and $14.40. These levels are particularly relevant as many traders hold over-leveraged positions at these price points. If the price rises to $14.40, around $2.44 million in short positions could be liquidated. Conversely, if the price falls to $13.55, $5.10 million in long positions could be liquidated.
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These liquidation levels could lead to increased volatility in the coming days, especially if the market environment changes.
Our Assessment
The combination of technical indicators and on-chain data suggests that Chainlink (LINK) could experience a strong upward movement in the coming days. The price has already broken through key resistance levels, and the rising Open Interest shows that traders are increasingly optimistic. However, investors should keep an eye on the liquidation levels, as these could lead to short-term fluctuations. Overall, it looks like LINK could see positive price development in the near future.
Sources: Coinglass, TradingView
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