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Chainlink holders patiently waiting for the ultimate liftoff to $18


World Markets

  • Amount of LINK held by top-non exchange holders at a near all-time high as price breaks above $14.
  • LINK/USD is largely in the hands of the bulls but higher support above $14 is need for the final leg up to $18.

Chainlink finally stepped above the crucial level at $14. The impressive price action followed a breakout above the x-axis of an ascending triangle pattern. Meanwhile, a minor retreat occurred pulling LINK slightly under $14 to trade at $13.92 at the time of writing.



Chainlink top-non exchange holders waiting patiently for a breakout

According to Santiment, Chainlink’s top non-exchange holders have accumulated a total of 768 million tokens. This number of LINK tokens is shy of their recent all-time high of roughly 771 million coins. The chart provides prints a gradual accumulation pattern that is looking very solid. It is intriguing that LINK holders have been adamant to capitulate to the surging Bitcoin.

LINK top non-exchange holders
LINK top non-exchange holders by Santiment

The Relative Strength Index is almost piercing its way into the overbought region, which emphasizes the improving bullish picture. On the other hand, on-chain metrics show that buying pressure behind LINK is also on the rise.

At the moment, all attention is channel toward lifting above $14 and establishing higher support. The final leg to $18 will come as a result of the fear of missing out (FOMO) and greed among investors who currently anticipate Chainlink to hit new all-time highs before the year ends.

LINK/USD 4-hour chart

LINK/USD price chart
LINK/USD price chart by Tradingview

It is worth mention that the bullish narrative will be invalidated if LINK closes the day under $14. On the other hand, a retest of the x-axis must hold to ensure that bulls do not lose focus of the ultimate lift-off to $18 and $20, respectively. A break under the a-axis might seek refuge at the 50 Simple Moving Average, 100 SMA, and 200 SMA.



Chainlink Intraday Levels

Spot rate: $1.8

Relative change: 0.4

Percentage change: 3%

Trend: Bullish

Volatility: High


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2020-11-18 02:49:26

John Isige


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