Chainlink Can Reach $23! Why LINK Seems Closer to a Breakout Than Ever Before
Contributor
LINK price is still stuck in a local sideways range with a support level of $10. RSI divergence signaled a recovery as LINK’s exchange balance dropped. Chainlink [LINK] price has been stuck in a consolidation pattern since August 5. If the price bounces back from $9.65, it could trigger an upward move. If the price drops to $8.56, a larger downtrend could develop. It is important to confirm that the next upward move will take place by confirming a move above $10.85.
If current analysis shows that Chainlink will continue to consolidate, but there will be a breakout soon as the market gains momentum. Could the recovery be around the corner? At press time, the RSI indicator on the 4-hour chart was approaching 50%. This could indicate a possible market recovery.
TradingView
The indicator has formed a double bottom at 46% and is now moving towards 50%, indicating a possible bullish reversal in LINK.
Falling LINK inventory on exchanges
On-chain data from Coinglass showed falling LINK inventory on all exchanges suggesting that Chainlink may be recovering.
Coinglass
Low inventories are often signs of an imminent price change making it favorable time to invest in Chainlink and other altcoins are on verge of taking its upwards trend
180-day low indictor for altcoins
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