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LINK Breaks Key Levels: Bullish Momentum Supported by On-Chain Data

LINK coin price improves Chain link At a bullish momentum after its last move.

Following our overview of the latest BeInCrypto LINK analysis, LINK price confirmed the bullish outlook we expected.

Move Chain link (LINK) recently broke above the upper boundary of the Ichimoku cloud on a daily time frame, which is currently around $17.41. This breakout is a bullish signal, indicating that LINK could see more bullish momentum if it maintains this level.

LINK/USDT (1D): TradingView
LINK/USDT (1D). Source: Commercial view

The 100-day EMA (blue line) currently sits at $16.02, providing a strong support level. LINK has successfully tested this EMA and is trading above it, reinforcing the uptrend. Price remaining above this EMA indicates continued buying pressure.

The immediate resistance level to watch is the upper boundary of the Ichimoku Cloud at $17.41. A breakout and close above this level will confirm stronger bullish momentum.

Support levels to watch are $16.02 (100-day EMA) and $14.6 (daily Ichimoku Cloud low). These levels are necessary to maintain the current bullish outlook.

On a 4-hour time frame, LINK is trading above the Ichimoku cloud, indicating an uptrend. The green cloud indicates an upward trajectory, providing support below the current price (with the Tenkan line in red).

LINK/USDT (4 hours): trading view
LINK/USDT (4 hours). Source: Commercial view

The 100-period EMA (blue line) is located at $16,050, acting as a dynamic support level. LINK is constantly trading above this EMA, which has consolidated Bullish outlook.

On-chain analysis: historical incoming and outgoing currency data

The historical money inflow/outflow chart shows the proportion of addresses that are currently profitable (green), break-even (white), and loss-making (red) based on the current Chainlink price.

Historical money inflows/outflows: IntoTheBlock
Money in/out history. Source: entolebloc

The chart shows that a large proportion (70%) of addresses are currently in the money (green), indicating a strong holding sentiment among investors. This is bullish because it indicates that most shareholders are profitable, reducing selling pressure.

Historically, periods with a high proportion of financial addresses have coincided with upward trends in LINK's price.

Strategy Recommendations: Bullish Expectations for LINK at $18.70

Maintain current positions: Considering the strong bullish signals from the Ichimoku cloud breakout and support at the 100-day EMA, it is recommended to maintain current buy positions. LINK price remaining above these critical levels indicates continued buying pressure and positive momentum.

Look at the main resistance levels: The immediate resistance level to watch is $17.41. A successful breakout and close above this level would likely lead to further upside momentum towards the next target at $18.70. Set alerts to warn of significant price movements above this resistance.

Monitor support levels: The main support levels to watch are $16,021 (100-day EMA) and $15,378 (lower edge of Ichimoku Cloud). Maintaining these support levels is crucial to maintaining the uptrend. Consider these levels as potential entry points to add to positions if the price rebounds.

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