LINK Technical Analysis 2024
Key Insights
- Significant upward movement was followed by a correction of over 64%, which resulted in the price falling to $8.19.
- There are strong buyers willing to support the price at a level above the upper boundary of the price range.
- Substantial levels of the volume profile kept the asset from further decline.
As of writing, LINK ranks 14th on CoinMarketCap with a market capitalization of $6,233,035,002.
LINK Tech Analysis
After completion of a long and clearly pronounced accumulation phase within the price range of $4.61 - $9.56, LINKdemonstrated a confident upward exit, reaching a local maximum at $22.92. This growth amounted to more than 138%, which indicates a strong upward momentum.
It should be noted that within this price momentum there was a false breakdown of the mirror resistance level at $9.56. The price quickly came back and consolidated above the upper boundary of the range.
In terms of volume profile, after breaking the mirror support level, the asset met strong resistance in the form of significant volumes that held the level, confirming its importance to market participants.
LINK Price Prediction
The current position of the asset price near the significant levels of the volume profile may serve as a potential reversal zone and the beginning of an upward movement.
In this context, growth to the level of $16.79 is likely, located near the Fibonacci level of 0.75, where volume accumulation also stands out, indicating the increased interest of market participants in the asset at this price level.
In this situation, we can expect the continuation of the upward impulse with the aim of reaching the Fibonacci 0.5 level, which corresponds to the price mark of $28.90. This scenario is confirmed by the interest of large players near the current levels, which creates prerequisites for further growth.
Users can get LINK or any other cryptocurrency for fiat or crypto on SimpleSwap.
The information in this article is not a piece of financial advice or any other advice of any kind. The reader should be aware of the risks involved in trading cryptocurrencies and make their own informed decisions. SimpleSwap is not responsible for any losses incurred due to such risks. For details, please see our Terms of Service.
