High volatility has plagued the cryptocurrency market at this time. Bitcoin lost over 13% that day. Altcoins took effect, and the market plummeted. Chainlink also lost gains due to the market trend. However, the token was still a top-gainer on that day at $9.34. Due to unpredictable developments, LINK is currently trading at $7.36 with a loss in value of 19.80%. Investors were happy when this currency saw a more than 3% increase in weekly volume.
LINK is expected to continue its current run of the next weeks based on several key metrics. The token’s underlying blockchain has also bagged several partnerships during the week. LINK reached a new 3-month high today despite volatility in the markets. Accordingly, LINK looks set to experience a bullish rally.
Massive LINK Wallet Activities Pushed Token’s Price Upward
According to Santiment, the LINK price was reported in a recent tweetIt reached $9.20. This level has not been seen since August’s middle. The data agency’s team of specialists has settled on two possible explanations for the LINK price increase above $9. According to them, the main driver for the price increase was likely the intensified activity at LINK wallets in the past month. Furthermore, investors have been “aggressively” longing LINK. This helped increase the altcoin’s price, causing a surge in funding rates.
Chainlink added another announcement on November 3rd. significant partnership. Seedify Fund was the launchpad and premier incubator for NFTs, DLT, and metaverses. Chainlink’s goal in building this partnership is to facilitate the growth of the GameFi and NFT industries through its oracle services.
Meanwhile, the coin’s supporters eagerly await the start of staking on Chainlink. 459 wallets contained more than 100,000 LINK at the end October. However, the date has not been disclosed. This is actually the highest amount since 2017. Chainlink has also been implemented fourteen integrationsFour chains are available: BNBChain (Broadcast), Arbitrum, Ethereum and Polygon.Source: LINKUSD price chart at TradingView.com
It is possible to make a correction of 25%
Since May, LINK has seen its rebound gains within an ascending triangle. These are continuation patterns. After a time of consolidation, prices tend to return in the same direction as its prior trend. LINK began its ascending triangular formation on a decline trend.
Based on seasoned investor Thomas Bulkowski’s Analyse of the ascending triangles, LINK’s chances of continuing its downturn and reaching its profit goal are 44%. As seen below, the profit goal is calculated by adding the triangle’s maximum height to its breaking point.
The LINK price, which will be $4.15 by December 2022 (or nearly half of its current value) would drop to about 50%. Pentoshi however, an independent market analyst for LINK predicts that LINK’s price will drop to around $4.15 by December 2022. This is nearly half of its current value. He said that the support level for the token is the one which drove its record-breaking price to $12 in May 2021. Pentoshi said, “While people are quiet on it now. I don’t think that will be the case 3-4 weeks from now.”
Featured image by Pixabay, chart from TradingView.com