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Home»ALTCOIN NEWS»According to LINK’s forecast, the price is expected to rise 20% in 7 days.
ALTCOIN NEWS

According to LINK’s forecast, the price is expected to rise 20% in 7 days.

By Crypto FlexsJanuary 21, 20243 Mins Read
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According to LINK’s forecast, the price is expected to rise 20% in 7 days.
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  • LINK has bounced from the lowest range to the highest range over the past two weeks.
  • Evidence of LINK accumulation indicated a bullish bias.

Chainlink (LINK) has been trading within a range for the past 10 weeks. Over the past week, LINK has risen 20% from $13.8 to retest the high of $16.6.

The bulls failed to force a breakout, their third attempt in six weeks. However, basic on-chain indicators are pointing to accumulation.

In a recent report, AMBCrypto stated that there is a possibility of a move to $20. Evidence continued to support this claim.

It’s only a matter of time before it breaks $17.

AMBCrypto analyzed data from CryptoQuant to better understand investor sentiment. We examined the Exchange Netflow — Binance indicator for LINK, as it is the largest cryptocurrency exchange by trading volume.

Netflow is the difference between coins entering and leaving an exchange. Heavy inflows are usually a sign of selling pressure.

Netflow’s 7-day EMA shows that the indicator was trending downward from December 16th to January 9th.

Source: CryptoQuant

These steady outflows were a sign that buyers were withdrawing LINK from exchanges at press time. In other words, it refers to the accumulation over the past month.

AMBCrypto also analyzed Chainlink’s Exchange Supply Ratio. This indicator is calculated by dividing exchange reserves by total supply.

A decrease in this indicator indicates that the supply of exchange wallets is decreasing compared to the total supply.

Chainlink holders will continue to accumulate as the price remains range bound.

Source: CryptoQuant

This chart was strong evidence that LINK tokens were increasingly leaving exchanges at press time. On the other hand, network activity decreased slightly in January.

Active addresses and network growth slow down.

AMBCrypto also noted that LINK’s development activity has rebounded strongly following the end of the festive season. This has been positive for long-term investors, who can feel confident in their stock selection.

So far the metrics have been positive, but network growth has seen a slight decline in January. Since December 29, the daily active addresses indicator has also formed a series of low highs.

Chainlink holders will continue to accumulate as the price remains range bound.

Source: Santiment

Network growth also declined in January. Both metrics showed slight declines, a sign that momentum may be waning.

This suggests that the user base may be shrinking and has been trending downward over the past three weeks. This could result in Chainlink price being stuck in a range for a longer period of time.

Chainlink holders will continue to accumulate as the price remains range bound.

Source: Coinglass


Is your portfolio green? Check out the LINK Profit Calculator


Moreover, the funding rate has risen sharply since January 19th. During this period, the price rose from $14.6 to $16.5. This suggests that most of the market is leaning bullish, even though LINK has retested the range high.

Coupled with the decline in activity, LINK could have been rejected in the $16.6-$17.6 region. Price movements over the past 24 hours have seen Chainlink trading from $16.61 to $15.53 at press time.

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