LINK, Chainlink’s native token, is receiving a lot of attention from crypto enthusiasts following Donald Trump’s recent investment of $4.7 million. This substantial investment has attracted large-scale investors who have also invested in LINK tokens.
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Today, January 21, 2024, a prominent crypto expert shared a post on However, this substantial accumulation did not have any impact on the LINK price.
At the time of writing, LINK is trading around $25.70 and has experienced a 2.50% decline in the last 24 hours. During the same period, intraday trading volume fell 44%, indicating lower trader participation, possibly due to profit booking as the market reacted ahead of Trump’s inauguration.
Chainlink (LINK) Technical Analysis and Upcoming Levels
According to expert technical analysis, LINK appears bullish as it has successfully retested the bullish Cup and Handle price action pattern on the weekly time frame and is poised for a significant upward rally. Meanwhile, the altcoin currently appears to be consolidating within a tight range due to prevailing market sentiment.
Based on the historical price momentum, if LINK crosses the upper bound of the consolidation and closes a daily candle above the $26.40 level, there is a strong possibility that it could rise by 50% to hit the $38.50 level in the coming days reaches.
Furthermore, LINK’s Relative Strength Index (RSI) stands at 52, indicating a potential price reversal and indicating that the asset has plenty of room to rise significantly in the coming days.
Bearish outlook for traders
Due to the ongoing consolidation, traders trading LINK appear bearish, as evidenced by Coinglass data. Currently, LINK’s Long/Short ratio stands at 0.92, indicating bearish sentiment among traders. The data further shows that in the last 24 hours, around 48.65% of top traders placed bets on long positions, while 51.35% preferred short positions.
Looking at the current market sentiment, it appears that investors are taking advantage of the current price and seem to be accumulating, while traders seem to be trading based on the market sentiment.