Analysts Anticipate 20% Hike In Chainlink Price Above This Zone
Analysts Anticipate 20% Hike In Chainlink Price Above This Zone
Chainlink price DAA divergence indicator highlights the fading strength of bears.
The RSI and 14 day SMA line showcases a bullish crossover indicating a trend shift on the higher side.
While the broader cryptocurrency market prepares for a recovery, Chainlink seems to be ahead of all. Chainlink bulls have defended the previous low successfully and are intending for an upward push that could trigger a breakout.
LINK price is trading higher for the third consecutive session and has surged by over 14% in the period. At the time of writing, Chainlink was exchanging hands close to $10.53 adding 1.74% to its market value.
Moreover, the price is headed to break an interesting pattern over the chart after which chainlink can be a top choice of investment for the traders and Investors in September. Let's analyze it in detail.
Chainlink Price DAA Divergence Indicates Fading Strength Of Bears
On the way to recovery, Chainlink bulls have added over 14% in the recent sessions. Their intention for recovery may continue as the analysts have noted some significant development in the on-chain data.
<iframe title="Santiment Chart: Price (LINK), Price DAA Divergence (LINK)" width="800" height="425" src="embed.santiment.net/chart?ps=chainlink&pt=LINK&df=2024-06-08T18:30:01.660Z&dt=2024-09-09T18:29:59.660Z&emcg=1&emhwm=1&wm=price_usd;price_daa_divergence&wax=0&wc=#26C953;#FF5B5B&ws=;" scrolling="no"></iframe>
As per Santiment, an on-chain analytics provider, LINK price DAA (Daily active address) divergence was observed to be shifting on the bullish side indicating the failure of the bears. The decreasing divergence on the bearish side hints at a comeback by the bulls which is also visible on the charts to some extent.
The price DAA divergence is an important on-chain metrics which measures divergence between the price and daily active address. A positive growth in the divergence indicates a growing bullish influence and vice versa.
<iframe title="Santiment Chart: Daily On-Chain Transaction Volume in Profit (LINK), Daily On-Chain Transaction Volume in Loss (LINK), The Ratio of Daily On-Chain Transaction Volume in Profit to Loss (LINK)" width="800" height="425" src="embed.santiment.net/chart?ps=chainlink&pt=LINK&df=2024-06-08T18:30:01.660Z&dt=2024-09-09T18:29:59.660Z&emcg=1&emhwm=1&wm=transaction_volume_in_profit;transaction_volume_in_loss;transaction_volume_profit_loss_ratio&wax=0;1;2&wc=#FF5B5B;#FFCB47;#5275FF&ws=;;" scrolling="no"></iframe>
Moreover, the daily on-chain transaction volume in profit was 636K whereas daily on-chain transaction volume in loss was close to 541K at the moment. The ratio of daily on-chain transaction volume in profit to loss was at 1.069.
A ratio above 1 indicates that more investors were in profit than that of loss. No, if LINK price heads higher, the ratio may surge more indicating more investors turning in profit.
LINK Price Analysis: Analysts Anticipate 20% Rise Above This Level
Chainlink price was trading higher for the last three sessions indicating a buyers comeback. However, the bulls need to prove their domination above the recent supply of $12.5 level in order for a continued recovery.
The $12.5 level is crucial for the bears as well as the upper boundary of the declining channel pattern that Chainlink was following for the last three months.
A sustained move above the level may validate a bullish reversal providing a short term gain opportunity of over 20%. However, the breakout might not be that easy for the bulls as bears would try their best to keep the trend in their favor.
Also, if the bulls lose the steam at the higher levels, it may invite more sellers to enter in short positions and the price may again fall back to retest the recent $9.5 level demand.
At the time of writing, the RSI line was placed at 47 points and that of the 14 day SMA line was placed close to 43.56 points. A bullish divergence observed between the RSI and MAD adds validation to a continued recovery.
Chainlink price DAA divergence indicator highlights the fading strength of bears.
The RSI and 14 day SMA line showcases a bullish crossover indicating a trend shift on the higher side.
While the broader cryptocurrency market prepares for a recovery, Chainlink seems to be ahead of all. Chainlink bulls have defended the previous low successfully and are intending for an upward push that could trigger a breakout.
LINK price is trading higher for the third consecutive session and has surged by over 14% in the period. At the time of writing, Chainlink was exchanging hands close to $10.53 adding 1.74% to its market value.
Moreover, the price is headed to break an interesting pattern over the chart after which chainlink can be a top choice of investment for the traders and Investors in September. Let's analyze it in detail.
Chainlink Price DAA Divergence Indicates Fading Strength Of Bears
On the way to recovery, Chainlink bulls have added over 14% in the recent sessions. Their intention for recovery may continue as the analysts have noted some significant development in the on-chain data.
<iframe title="Santiment Chart: Price (LINK), Price DAA Divergence (LINK)" width="800" height="425" src="embed.santiment.net/chart?ps=chainlink&pt=LINK&df=2024-06-08T18:30:01.660Z&dt=2024-09-09T18:29:59.660Z&emcg=1&emhwm=1&wm=price_usd;price_daa_divergence&wax=0&wc=#26C953;#FF5B5B&ws=;" scrolling="no"></iframe>
As per Santiment, an on-chain analytics provider, LINK price DAA (Daily active address) divergence was observed to be shifting on the bullish side indicating the failure of the bears. The decreasing divergence on the bearish side hints at a comeback by the bulls which is also visible on the charts to some extent.
The price DAA divergence is an important on-chain metrics which measures divergence between the price and daily active address. A positive growth in the divergence indicates a growing bullish influence and vice versa.
<iframe title="Santiment Chart: Daily On-Chain Transaction Volume in Profit (LINK), Daily On-Chain Transaction Volume in Loss (LINK), The Ratio of Daily On-Chain Transaction Volume in Profit to Loss (LINK)" width="800" height="425" src="embed.santiment.net/chart?ps=chainlink&pt=LINK&df=2024-06-08T18:30:01.660Z&dt=2024-09-09T18:29:59.660Z&emcg=1&emhwm=1&wm=transaction_volume_in_profit;transaction_volume_in_loss;transaction_volume_profit_loss_ratio&wax=0;1;2&wc=#FF5B5B;#FFCB47;#5275FF&ws=;;" scrolling="no"></iframe>
Moreover, the daily on-chain transaction volume in profit was 636K whereas daily on-chain transaction volume in loss was close to 541K at the moment. The ratio of daily on-chain transaction volume in profit to loss was at 1.069.
A ratio above 1 indicates that more investors were in profit than that of loss. No, if LINK price heads higher, the ratio may surge more indicating more investors turning in profit.
LINK Price Analysis: Analysts Anticipate 20% Rise Above This Level
Chainlink price was trading higher for the last three sessions indicating a buyers comeback. However, the bulls need to prove their domination above the recent supply of $12.5 level in order for a continued recovery.
The $12.5 level is crucial for the bears as well as the upper boundary of the declining channel pattern that Chainlink was following for the last three months.
A sustained move above the level may validate a bullish reversal providing a short term gain opportunity of over 20%. However, the breakout might not be that easy for the bulls as bears would try their best to keep the trend in their favor.
Also, if the bulls lose the steam at the higher levels, it may invite more sellers to enter in short positions and the price may again fall back to retest the recent $9.5 level demand.
At the time of writing, the RSI line was placed at 47 points and that of the 14 day SMA line was placed close to 43.56 points. A bullish divergence observed between the RSI and MAD adds validation to a continued recovery.
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