Chainlink (LINK) Breakout: Accumulation Zone Points To Upside Potential, $20 In Sight
15 Gennaio 2024 - 8:00PM
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The decentralized Oracle network Chainlink and its native token
LINK have grown impressively in the past month. Despite
experiencing a correction since late December, where LINK reached a
20-month high of $17.6, the token has shown signs of renewed
bullish momentum. Key Resistance Levels For LINK’s Price
Rally Renowned crypto analyst Ali Martinez has identified a robust
demand zone for Chainlink between $14.8 and $15.2, slightly below
its current trading price of $15.415. Within this range, many
addresses (17,650) purchased 85.12 million LINK. With limited
resistance, LINK appears to be well-positioned to advance towards
the $20 mark. Based on the analyst’s observations, if the current
bullish momentum witnessed over the past seven days persists, LINK
could swiftly reach the $20 price level. Looking at LINK’s 1-day
chart, the next resistance levels to overcome before potentially
climbing toward $20 are $15.55, $16.69, and $16.92. Breaching these
levels would pave the way for a clear path towards the $20
milestone. Related Reading: Bitcoin To Reach $1 Million In Days To
Weeks, Crypto Analyst However, it is important to note that in the
absence of major resistance walls, the battle for the next
direction of LINK’s movements remains equally balanced. In the
event of another price correction or selling pressure, the token
lacks significant support walls to rely on. Analyzing LINK’s 1-day
chart, the first support level in the event of a drop would be
around $14.22. If this level is breached, the next support stands
at $13.31. A further decline could test the support at the $11
price level. A breach of this level could signify a breakdown in
the four-month bullish structure of LINK. Chainlink Ecosystem
Growth Despite the battle for supremacy between LINK’s bulls and
bears, the protocol’s ecosystem has shown notable growth in key
metrics since the last update. For example, Chainlink’s circulating
market capitalization is $8.35 billion, reflecting a positive
growth rate of 3.58%. According to Token Terminal data, in terms of
revenue over the past 30 days, Chainlink has generated $11.67
thousand. However, this figure shows a decline of 54.16% compared
to the previous period, indicating a decrease in earnings during
this timeframe. Considering the fully diluted market
capitalization, which considers the maximum number of Chainlink
tokens that could exist in the future, the value stands at $14.82
billion. This metric has experienced a slight increase of 3.48%
recently. Related Reading: Ethereum Name Service Steals The Show:
ENS Leaps 70%, Outperforming Crypto Market When it comes to revenue
on an annual basis, Chainlink has generated $219.81 thousand. This
represents a positive growth rate of 2.64%, indicating an upward
trend in the company’s earnings over a year. Regarding financial
ratios, Chainlink’s price-to-fully-diluted ratio is calculated at
an astonishing 68,246.47x. This metric compares the company’s
market capitalization to its fully diluted market capitalization.
It reflects the premium investors will pay for each unit of
potential future tokens. Similarly, based on the fully diluted
market capitalization, the price-to-sales ratio is reported to be
68,246.47x. This ratio measures the company’s valuation relative to
its annualized revenue and indicates how much investors will pay
for each dollar of sales generated. Featured image from
Shutterstock, chart from TradingView.com
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