Chainlink (LINK) Analysis, Traders Eye for $15
It looks like the bull market has officially begun as most cryptocurrencies are on the verge of breaking out. Today, on November 8, 2024, Chainlink (LINK) looks bullish as it forms a bullish price action pattern and is on the verge of a breakout.
Chainlink (LINK) technical analysis and key levels
On the daily time frame, LINK has formed a bullish ascending triangle price action pattern and is on the verge of breaking. Based on recent price action and historical progress, if the price of LINK rises and the daily candle closes above the $13.10 level, there is a strong possibility that it will rise by 18% to reach the $15 level in the coming days.
As of now, LINK is trading above the 200 exponential moving average (EMA) on the daily time frame, indicating an uptrend. Traders and investors use the 200 EMA as a technical indicator to determine whether the asset is trending up or down and react based on this analysis.
LINK's bullish thesis holds only if the daily candle closes above the $13.10 level, otherwise it may fail.
Bullish On-Chain Indicators
On-chain metrics further support LINK's bullish attitude. According to on-chain analytics firm Coinglass, LINK's long/short ratio on Binance currently stands at 2.10, indicating strong bullishness among traders.
Additionally, the open demand increased by 7.9% in the last 24 hours and by 2.5% in the last four hours. This open interest indicates growing trader interest and an increase in positions in the bullish outlook.
Currently, 73.02% of top traders hold long positions while 26.98% hold short positions.
At press time, LINK is trading around $12.55, having seen a price increase of over 4.36% in the last 24 hours. During the same period, trading volume fell by 23 percent, indicating that trader participation may be low.
