Chainlink (LINK) Shows Signs of Recovery and Long-Term Potential
Chainlink: Is a Recovery in Sight?
Despite the generally optimistic sentiment around Chainlink, the value of the cryptocurrency has decreased in the last 24 hours. However, a recovery could be imminent.
Confidence in Chainlink Despite Market Downturn
Although Chainlink [LINK] was affected by the market downturn, the cryptocurrency seems to be establishing itself as one of the projects with great long-term potential. This became clear when Lookonchain revealed that 12 new wallets, which may belong to an institution, have accumulated LINK worth $17.5 million.
In addition to the accumulation of LINK tokens, the buyer also sent them out from Binance. Such transactions signal confidence in the long-term performance of a cryptocurrency.
Price Decline as a Sign of Strength?
Despite the optimistic sentiment around Chainlink, the value has decreased in the last 24 hours. At the time of reporting, the price for LINK was $13.52. This represents a decrease of 1.24% within the aforementioned period.
According to data from CoinMarketCap, collected by AMBCrypto, the slight decline was however a sign of LINK’s strength. This is because most altcoins with a similar market capitalization to Chainlink have fallen much more significantly.
Recovery in Sight?
Analyst Ali Martinez has put forward an optimistic thesis for LINK. Martinez looked at the LINK/USD 12-hour chart and concluded that LINK could possibly rise to $15.20 or $17.30.
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The analyst concluded that the Tom DeMark (TD) Sequential represents a buy signal. The TD Sequential is a technical tool used to identify a potential price reversal. In most cases, the reversal occurs due to trend exhaustion. In the case of Chainlink, the sellers seem to be exhausted, giving buyers the opportunity to benefit from a potential uptrend.
Growth of the Chainlink Network
AMBCrypto deemed it necessary to assess the growth of the Chainlink network. To do this, the number of LINK holders as of December 1, 2023, was considered. Data from Santiment showed that the number of LINK holders at this time was 699,710. However, current data shows that the number has risen to 711,000. This increase confirms the original assumption that sentiment around the cryptocurrency is optimistic.
Outlook
Regarding the price, the Aroon indicator showed that the possible rise of LINK to $17 could take some time. However, the RSI value has started to rise and was 44.91 at the time of reporting. If the indicator continues to climb, LINK could rise to $14. If the RSI exceeds the midpoint of 50.00, the price of LINK could even rise to $15. This could also predict a higher value for the cryptocurrency.
Sources: Lookonchain, CoinMarketCap, AMBCrypto, Santiment, TradingView.
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