Chainlink has been trading in a range for over 322 days. However, despite this prolonged period of sideways movement, there is an exciting development taking place in the background. Massive bullish divergence has been forming since July 2022, when the histogram changed color.
Over the past thirteen 3W candles, momentum has been slowly building, culminating in the first ever 3-week bullish cross last week, even as the price has continued to decline. This type of bullish divergence is typically a precursor to a significant move, and the longer the buildup, the bigger the potential move. A similar pattern was observed with NOIA, and it resulted in a massive move
Chainlink's potential move could be volatile, considering that the last time it moved up from this exact price range, it gained 200% in just 20 days.
Additionally, a triangle pattern seems to have formed within the range, which is typically very bullish, especially when lower highs are consistently being made on the daily chart. A similar triangle pattern in the past pushed LINK to the top of the range, forming an ascending triangle that eventually took it much higher.
While the LINK/BTC chart has not been as hot, a break of resistance could be a positive development for LINK. Overall, this could be an excellent time to enter a long position in LINK and ride the potential move until June 2023.
Over the past thirteen 3W candles, momentum has been slowly building, culminating in the first ever 3-week bullish cross last week, even as the price has continued to decline. This type of bullish divergence is typically a precursor to a significant move, and the longer the buildup, the bigger the potential move. A similar pattern was observed with NOIA, and it resulted in a massive move
Chainlink's potential move could be volatile, considering that the last time it moved up from this exact price range, it gained 200% in just 20 days.
Additionally, a triangle pattern seems to have formed within the range, which is typically very bullish, especially when lower highs are consistently being made on the daily chart. A similar triangle pattern in the past pushed LINK to the top of the range, forming an ascending triangle that eventually took it much higher.
Comment:
For me this rally ends end of June 2023 so possible target would be 18-20 dollar range , this area has the most confluence if we see chainlink hovering around this price end of June then that's the top most likely.
It is also possible that we run all the way up to 618 which is at 30 dollars we just have 91 days till end of this rally so not much time left for LINK but its done it before in the past
Comment:
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