LINK worth has undoubtedly been one of many main highlights of the cryptocurrency market in 2023. Over the previous week, the cryptocurrency maintained its latest constructive momentum, reaching a brand new yearly excessive of $15.8 on Thursday, November 9.
A crypto analyst and dealer who predicted this newest bullish run has supplied extra perception on what to anticipate from the Chainlink token.
What’s Subsequent For LINK Value?
A crypto analyst with the pseudonym Mags took to X (previously Twitter) to share an attention-grabbing replace on the LINK worth motion. Whereas referring to their preliminary evaluation, the crypto analyst predicted the doubtless motion of Chainlink’s worth over the approaching days.
$LINK broke out and went vertical with none re-test as stated in my earlier replace!
Anticipating a another leg up until $18 earlier than any HTF pullback!
+88% since breakout 🔥
gained’t suggest any new entires if you weren’t positioned already https://t.co/NtSmbdriGi pic.twitter.com/jq5S3CLtR1
— Mags (@thescalpingpro) November 11, 2023
Within the October 22 evaluation, Mags highlighted that the value of LINK had damaged out of a 512-day consolidation wedge. The crypto dealer then forecasted a straight rally to $12.54, a stage the altcoin had surpassed earlier this week.
From the present standpoint, Mags believes that the LINK worth will proceed its “vertical” upward run with none re-test. “Anticipating another leg up until $18 earlier than any HTF pullback,” the crypto analyst postulated of their put up on X.
As of this writing, the LINK token is valued at $15.06, reflecting greater than a 3.6% worth improve previously 24 hours. Whereas the altcoin’s worth has been transferring largely sideways in the previous few days, it has maintained most of its features previously week.
In response to information from CoinGecko, the Chainlink token has swelled by greater than 33% over the previous seven days. This determine underscores the altcoin’s place as the most effective performers within the crypto market over the previous few months.
Chainlink’s Whale Exercise Hits Six-Month Excessive
A latest on-chain information report by blockchain analytics agency Santiment revealed that whale exercise on the Chainlink community had hit its highest stage in six months. Apparently, the community shouldn’t be alone on this pattern, as different blockchains, together with Bitcoin, Ethereum, and Cardano, have additionally skilled an identical spike in whale exercise.
Chainlink whale exercise surges to six-month excessive | Supply: Santiment/X
As Santiment famous, whereas there could be some profit-taking amongst the whales on the conclusion of the week, this doesn’t essentially imply that tops are imminent. Therefore, the analytics agency’s revelation considerably strengthens the case of a steady upward motion for the LINK worth.
Chainlink worth slips beneath $15 on the every day timeframe | Supply: LINKUSDT chart on TradingView
Featured picture from iStock, chart from TradingView
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