Is It Too Late To Buy LINK? Chainlink Price Pumps 20% And This Might Be The Next Crypto To Explode
Release: 2024/12/12 16:19 Reading: 282
Chainlink Price Surges 20%, Poised for Further Gains
The Chainlink (LINK) price has experienced a significant surge of 20% in the last 24 hours, reaching $27.06 as of 11:13 p.m. EST. This rise was accompanied by a 12% drop in trading volume to $2.6 billion.
The uptick in LINK's price is attributed to the news that World Liberty Financial (WLFI), a decentralized finance project promoted by President-elect Donald Trump and his family, has invested $1 million in Chainlink. WLFI acquired 41,335 LINK tokens at $24.2 each, alongside investments in Ethereum (ETH) and Aave.
In the past month, LINK has witnessed an impressive 80% surge, with no signs of slowing down. Analysts remain optimistic about its price potential, with one predicting a return to its all-time high of $50.
Technical Analysis
A 4-hour timeframe chart of LINK/USD reveals a clear bullish trend, with an ascending movement since mid-November. The price briefly entered a rectangular consolidation in early December, within the $25 range.
However, LINK has recently completed a rounding bottom pattern, indicating a potential recovery after a downtrend. This is often interpreted as a bullish continuation signal.
The 50-day Simple Moving Average (SMA) provides dynamic support at $24.32, while the 200-day SMA remains below $18.28, suggesting a robust long-term bullish trend.
The Relative Strength Index (RSI) is approaching the overbought zone (above 70), indicating strong buying momentum, but also hinting at a possible short-term cooldown.
Meanwhile, the Moving Average Convergence Divergence (MACD) is in positive territory, with the MACD line crossing above the signal line and showing increasing histogram bars. This confirms bullish momentum and suggests a continuation of the uptrend in the short term.
Price Prediction
Considering the rounded bottom breakout, positive MACD momentum, and strong positioning above both the 50-day and 200-day SMAs, LINK is well-positioned to extend its bullish rally.
In the short term, the next resistance lies around $30, which could trigger a move towards $32-$35 if breached with sufficient volume. In the long term, the $50 level remains a target for the bulls.
However, the RSI nearing overbought conditions suggests a potential short-term consolidation or minor pullbacks, potentially testing support near $18 or the 200-day SMA at $18.28 before resuming its ascent.
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