Can Chainlink bulls drive the rally past $9?

9 months ago 52

Disclaimer: The accusation presented does not represent financial, investment, trading, oregon different types of proposal and is solely the writer’s opinion.

  • The terms enactment connected the 4-hour illustration flipped bullishly erstwhile much arsenic the uptrend continued.
  • The $8.5-$8.8 absorption portion would beryllium captious for the bulls to secure.

Chainlink [LINK] prices tested the erstwhile absorption astatine $7.35 arsenic enactment connected 26 July and the bulls managed to propulsion prices higher erstwhile more. Bitcoin [BTC] was dilatory climbing higher from the $29.1k people but the sentiment down the king wasn’t powerfully bullish successful the short-term.

Read Chainlink’s [LINK] Price Prediction 2023-24

Therefore, LINK investors with a longer clip skyline tin hold for a wide setup. This tin hap upon a determination beyond $8.8. The $8.5 portion is expected to service arsenic a hefty absorption area, 1 that hasn’t been beaten since May 2022.

The $8.5 portion was a steadfast higher timeframe absorption that LINK bulls indispensable beryllium cautious of

Chainlink [LINK] bulls find   immoderate   spot    but tin  they thrust  the rally past   $9?

Source: LINK/USDT connected TradingView

The $9 and $9.5 levels person not been flipped to enactment successful much than a year. The bearish bid artifact (red box) extended from $8 to $8.8 and derived from the 1-day timeframe. Therefore, adjacent though LINK has short-term bullish pressure, it could person a hard clip climbing past this behemoth of a absorption zone.

A determination past the $8.8 level would amusement semipermanent buyers that the past year’s slump could beryllium opening to change. Hence, successful the coming months, a determination supra $9 and a retest of the $8.5-$8.8 portion could contiguous a buying opportunity. Yet, arsenic things stand, the level represented a take-profit for short-term bulls.

The RSI and the OBV showed bullish intent. The RSI broke retired past the neutral 50 mark, portion the OBV began to inclination higher implicit the past fewer days. This boded good for the Chainlink buyers.

How overmuch are 1, 10, oregon 100 LINK worth today?

The spot CVD supported the measurement indicator findings

Data from Coinalyze showed that the sentiment was flipping successful favour of the bulls erstwhile more. The Open Interest began to ascent higher implicit the past 24 hours, showing speculators were bidding LINK erstwhile more. The spot CVD besides noted higher lows aft 26 July.

The little timeframe bullish sentiment mightiness not output a breakout past the $8.8 oregon $9 levels, but it highlighted the anticipation was there. Traders tin expect rejection for Chainlink successful the $8.5-$8.8 zone, but a determination higher would necessitate the outlook to displacement bullish erstwhile more.

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