Chainlink (LINK) Targeting $15
Chainlink price surged by 6%, with analysts eyeing a retest of $17 as the crypto market shows bullish momentum. On November 8, 2024, Chainlink (LINK) displayed strong positive price action, signaling a potential breakout.
Technical Analysis and Key Levels
In the daily chart, LINK has formed an ascending triangle, which often indicates a bullish trend. If LINK closes a daily candle above $13.10, it could rise by 18% to potentially reach $15. LINK is currently trading above the 200 EMA, a sign of an uptrend that traders watch closely.
This bullish outlook hinges on LINK’s ability to stay above $13.10. Failure to do so may mean a pullback.
Positive On-Chain Metrics
LINK’s on-chain data supports a bullish view, as Coinglass shows a Long/Short ratio of 2.10 on Binance, reflecting strong positive sentiment. Additionally, open interest rose 7.9% over the last day and 2.5% in the past four hours, indicating increased trading interest.
As of now, 73.02% of top traders hold long positions, while 26.98% are short. LINK is trading around $12.55, having gained over 4.36% in 24 hours, though trading volume fell by 23%, suggesting reduced trader activity amid a potential breakout.
❤️LIKE 🫂FOLLOW 🗳REQUOTE OR RESHARE
⌨️ COMMENT
🫂Remember: A lot of Hardwork goes into for providing you Best Investment Articles.Your Generous Tips would Empower our Mission and help us to work even Harder for you to give Best Investment Advice.
