LINK could retest the weekly resistance at $ 33.62, a potential rally of 26%

From a technical point of view, Chainlink (LINK) shows that it wants to go further up. On-chain indicators also show that their upward path is free of significant barriers.

Chainlink hits local high

LINK has been trading in a range of $ 13.38 to $ 38.46 for almost six months. The recent downtrend has seen LINK fall 55% from as low as $ 38.46. However, that drop has set the stage for a 65% rally from below as the Oracle token is currently trading at $ 26, and in the future, Chainlink price is likely to start bouncing off the 50% fib retracement level in the region A 26% rally to retest the weekly resistance at $ 33.62.

Although uncertain, Chainlink can climb higher to meet the resistance of the range at $ 38.46.

Daily LINK / USDT chart | Source: TradingView

IntoTheBlock’s Global In / Out of the Money (GIOM) pattern also supports the continuation of the upward trend. This on-chain indicator shows little or no resistance getting in the way of LINK.

The only level that could pose a minor threat is at $ 29.85, where around 62,470 addresses have bought 29.72 million LINK tokens that they can expect to sell at breakeven.

The uptrend in large deals worth $ 100,000 or more adds to the bullish outlook. The number of such funds sent has increased from 276 to 733 in the past six months.

This 165% increase in large deals serves as a guide to institutional investor sentiment and suggests a bullish outlook for Chainlink.

While the outlook for LINK is bullish, breaking the Fib 0.5 level at $ 25.92 will delay the uptrend.

When this downward pressure builds that allows LINK to create a daily candle that closes below $ 18.65, a lower low will emerge, invalidating the previous uptrend. After that, LINK can retest the support area of ​​the area at $ 13.38.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Follow the Youtube Channel | Subscribe to telegram channel | Follow Facebook page