Expert Insights Is Chainlink LINK on the Verge of a Breakout
A well-known cryptocurrency expert has shared a post suggesting that Chainlink (LINK) could see a significant increase in value if it surpasses the $13 mark. The current levels of liquidation for the asset are at $10.66 and $11.42, indicating that traders are heavily leveraged at these points.
The data reveals that bears currently have control over the asset and have the potential to create selling pressure. However, despite the struggling cryptocurrency market, the expert remains optimistic about Chainlink’s future. They believe that LINK could experience a surge in the coming days.
In a recent post on X (previously known as Twitter), the expert stated that LINK could break out of the ascending triangle pattern within the next 1 to 2 weeks. They also noted that if this breakout is successful, LINK could reach $18 in value.
Technical analysis of LINK supports this prediction, as the asset has been forming an ascending triangle pattern since the beginning of August 2024. However, it appears that the pattern still needs more time to fully mature.
If LINK manages to break through the resistance level or the neckline of the ascending triangle and closes a daily candle above $13, there is a strong possibility of a 15% increase, initially reaching the $15.5 level and later potentially reaching $18.
Currently, LINK is trading around $11.07, experiencing a price surge of over 4.5% in the past 24 hours. The trading volume has also increased by 5%, indicating growing interest from investors and traders.
Despite this positive outlook, LINK has been struggling to gain momentum in recent days. The asset will continue to face challenges until it surpasses the $13 level.
According to the on-chain analytics firm Coinglass, the major liquidation levels for LINK are currently at $10.66 and $11.42. If the price rises to $11.42, approximately $4.62 million worth of short positions will be liquidated. On the other hand, if the price drops to $10.66, approximately $2.61 million worth of long positions will be liquidated.
This data suggests that bears currently have control over the asset, which could pose difficulties for those hoping for an upward rally.
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