Chainlink Price Forecast: What to expect from LINK after 21% rally shatters multi-month hurdle

Chainlink price has slipped past the 15-month resistance level, extending from $7.69 to $7.85.
In the last four hours, $3.78 million worth of positions have been liquidated.
A weekly candlestick close below $7.69 will invalidate the bullish thesis.

Chainlink (LINK) price has caught many investors off guard as it rallied 21% in the 12 hours. This sudden but explosive uptick could be the start of an uptrend as many investors on Twitter are forecasting. As a result, CoinGlass data shows that roughly $3.78 million worth of positions were liquidated in the last 12 hours. Out of these, $3.38 million worth of futures positions belonged to the bears, aka short positions, while only $406,000 worth of long positions were wiped off.

LINK liquidation

Chainlink price catches traders by surprises

Chainlink (LINK) price shows a clear sign of bullish momentum, which has propelled it by 21% in the last 12 hours. This uptrend is likely to collect the buy-side liquidity resting above $9.86 and potentially tag the $10 psychological level.

This move would constitute a 16% gain from $9.09, which is the current position that LINK is trading at. Beyond the said level, Chainlink price will face the $15.57 hurdle. Buyers need to make sure this resistance level is flipped into a support floor before betting on a continued rally.

A weekly candlestick close above $15.57 hurdle could extend the Chainlink price rally to $29.12.

Also read: Chainlink whales continue their accumulation spree after LINK’s 40% rally, why?

LINK/USDT 1-day chart

On the contrary, if this weekend rally was a fluke and investors resort to profit-taking, it would trigger a sell-off. In such a case, a weekly candlestick that undoes the recent gains and produces a candlestick close below $7.69 will invalidate the bullish thesis.

This move would bring Chainlink price back to pavilion and potentially catalyze a steep 9% correction to $7.03.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.