Chainlink (LINK) price is showing signs of recovery and is aiming to reclaim the $12 level after a 4.20 percent increase in the last 24 hours. This recovery comes after the coin, ranked as the 14th most valuable cryptocurrency, fell below $10 a few days ago.
If LINK maintains its uptrend and key indicators continue to improve, it could avoid further decline and sustain its advance.
Chainlink Open Interest, Large Transactions Increase
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A key indicator supporting Chainlink’s recent rally is its rising open interest (OI). OI tracks the number of active contracts tied to the cryptocurrency and reflects market engagement. An increase in OI indicates growing liquidity and interest in those contracts, while a decrease suggests reduced exposure.
From a price perspective, a rising OI confirms in addition to a decline in share prices often a downtrend. However, if the OI falls during a price increase, it could signal a bullish reversal. In the case of Chainlink, however, both OI and price are increasing, suggesting that the uptrend could continue.
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Chainlink Open Interest. Quelle: Saintly
In addition, Chainlink has seen an increase in large transactions since September 5, indicating increased liquidity around the cryptocurrency. However, an increase in large transactions not always an upward pressure. If these transactions increase during a price decline, it indicates dominant selling pressure.
In the case of LINK, the recent jump in large transactions indicates growing demand. This demand, coupled with the larger transaction sizes, could help support the current price increase and fuel the ongoing uptrend.
Chainlink Large transaction volume. Source: IntoTheBlock
LINK price prediction: It’s time to reclaim $12
Chainlink price is currently trading at $10.74 after bulls successfully defended the $10.05 support. According to the daily chart, the cryptocurrency could form a V-shaped recovery — a sharp rise after a steep decline. The price of LINK fell to USD 9.57 on September 8before reversing at this level.
Additionally, the Relative Strength Index (RSI), a momentum indicator, is approaching the neutral line. If the RSI rises above 50.00, it could confirm the bullish outlook and potentially push LINK to $12.34, where the neckline of the V-shaped pattern lies.
Learn more here: This is your guide to Chainlink.
Chainlink Daily Analysis. Source: TradingView
In a very bullish situation the price of Chainlink could to $14.82. However, market participants should monitor the price at $10.75 as this was the point where the uptrend encountered resistance on August 8.
If the bulls fail to break this resistance, LINK could see a correction that would take the price to $10.05.
Disclaimer
In accordance with the Trust Project’s policies, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Additionally, past performance is no guarantee of future results.
Chainlink (LINK) Price Prediction: Reclaiming $12 and Beyond
Chainlink, currently ranked as the 14th most valuable cryptocurrency, has been showing signs of recovery, aiming to reclaim the $12 level after a 4.20% increase in the
chainlink price prediction $1,000
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Chainlink (LINK) Price Prediction: Reclaiming $12 and Beyond
The Chainlink (LINK) price has shown signs of recovery, aiming to reclaim the $12 level after a 4.20 percent increase in the last 24 hours. This upward trend comes after the 14th most valuable cryptocurrency fell below $10 a few days ago. According to recent data, the Chainlink price today is around $10.45 USD with a 24-hour trading volume of $220,030,771.50 USD [[2]]. This surge in price and trading volume indicates a potential reversal in the downtrend.
Chainlink Open Interest and Large Transactions Increase
One key indicator supporting Chainlink’s recent rally is its rising open interest (OI). Open interest tracks the number of active contracts tied to the cryptocurrency and reflects market engagement. An increase in OI indicates growing liquidity and interest in those contracts, while a decrease suggests reduced exposure. In the case of Chainlink, both OI and price are increasing, suggesting that the uptrend could continue.
Additionally, Chainlink has seen an increase in large transactions since September 5, indicating increased liquidity around the cryptocurrency. While an increase in large transactions does not always translate to upward pressure, it does suggest that interest in the cryptocurrency is growing.
LINK Price Prediction: It’s Time to Reclaim $12
If Chainlink maintains its uptrend and key indicators continue to improve, it could avoid further decline and sustain its advance. The recent price increase and growing open interest suggest that the cryptocurrency is gaining momentum. As the price approaches the $12 level, it is likely to encounter resistance. However, if the uptrend continues, it could break through this resistance and reach new heights.
Here are some PAA (People Also Ask) related questions for the title “Chainlink (LINK) Price Prediction: Reclaiming $12 and Beyond”:
- What is the current Chainlink price?: According to recent data, the Chainlink price today is around $10.45 USD with a 24-hour trading volume of $220,030,771.50 USD [[2]].
- Will Chainlink reach $12?: If the uptrend continues and key indicators improve, it is likely that Chainlink will reach the $12 level.
- What affects Chainlink’s open interest?: Open interest is affected by market engagement, liquidity, and interest in contracts tied to the cryptocurrency.
Conclusion
Chainlink’s recent price surge and growing open interest indicate a potential reversal in the downtrend. As the cryptocurrency approaches the $12 level, it is likely to encounter resistance. However, if the uptrend continues, it could break through this resistance and reach new heights. With the growing interest in Chainlink, it is likely that the cryptocurrency will continue to gain momentum in the coming days.
Note: The prices and trading volumes mentioned in this article are subject to change and may not reflect the current market situation.