One Chainlink The (LINK) indicator previously gave a signal that preceded a price increase of more than 300%.
LINK price also broke out of a horizontal range that lasted more than 500 days and reached a new yearly high today.
Chainlink Moves Out of Accumulation Range
Weekly timeframe technical analysis shows that LINK price has been trading in a range between $5.80 and $9 since May 2022. Although it briefly fell below the low range in June 2023, it retook the area and confirmed it as support in September (green icon).
Since that time, altcoin It increased by 120% in less than two months. This increase reached a new year’s high today at $13.34. The increase also caused a breakout from the 530-day high range.
Cryptocurrency trader CryptoGodJohn tweeted about the long-term range breakout. He noted that LINK is one of the best-looking altcoins on the market right now.
Despite the increase, wallet profitability is still at 55%. The main supply block sits at $16.27. Moreover, if the LINK price exceeds this level, the wallet profitability rate will exceed 80%.
That said, there was some positive LINK news today. TheBlock reported this news announced:
HONG KONG’S HASHKEY EXCHANGE TO LIST CHAINLINK FOR PROFESSIONAL INVESTORS
Users will be able to trade LINK starting November 10. To celebrate the listing, the exchange announced a test with a price equivalent to $640.
LINK Price Prediction, Indicator Supports Increase
The Weekly Relative Strength Index (RSI) supports the continuation of the LINK price increase.
RSI is a momentum indicator that investors use to evaluate whether a market is overbought or oversold and whether an asset should be accumulated or sold.
Readings above 50 and an upward trend indicate that the bulls still have the advantage. On the other hand, readings below 50 indicate the opposite.
The RSI is moving upward and is above 50. Moreover, the indicator has just crossed into the overbought zone.
The previous two times the Chainlink indicator gave this signal (white icons) led to upward movements of 320% and 300% respectively.
A 300% rise from the moment the RSI crosses the overbought zone (green icon) would move the LINK price to the $37 resistance area, resulting in a break above the $18 horizontal resistance.
Despite this bullish LINK price prediction, failure to sustain the rise could lead to a 30% drop to the $9 horizontal resistance area. Currently, there is no sign that this will be the case.