Chainlink (LINK) has recently witnessed a notable market value surge following the launch of its staking v0.2 priority migration. This upgrade, a significant stride in Chainlink’s ecosystem, introduces enhanced stakeholder flexibility, robust security measures, and a dynamic rewards system. Consequently, LINK, Chainlink’s native token, has seen a bullish trend, with market analysts predicting a potential 10% increase in its value.
🔗📊 #Chainlink has quietly had a massive amount of older coins moving wallets today. Big older coin movement typically is followed by big price movements, which is what occurred September 15th, resulting in a +31% $LINK price climb the following 2 weeks. pic.twitter.com/82YO2CDuqO
— Bitcoin Scoop (@bitcoin_scoop) November 29, 2023
Positive Market Reaction to Chainlink’s Latest Upgrade
The Chainlink community and investors have responded favorably to the v0.2 upgrade. This enthusiasm is evident in the token’s price, which has surged from an intra-day low of $13.83 to a high of $14.59 before stabilizing at $14.57, a 5,67% surge as of press time.
LINK/USD 24-hour price chart (source: CoinStats)
Moreover, increased investor interest could propel the Chainlink price into a higher supply zone, ranging between $14.691 and $16.477. A significant milestone for the bullish scenario would be LINK surpassing the $15.576 mark, confirming the trend’s upward continuation.
Technical Indicators Align with Bullish Sentiment
With a rating of -0.0049659, the Moving Average Convergence Divergence (MACD) has crossed above its signal line from below, suggesting that LINK’s bullish trend may be building in the short future. This bullish indicator offers a possible purchasing opportunity for traders hoping to profit from LINK’s rising trend.
Furthermore, the histogram, which quantifies the difference between the MACD and signal lines, has become positive, indicating the bullish trend’s strength. This boost in momentum may attract additional buyers and drive the price of LINK higher in the coming days.
LINK/USD 4-hour price chart (source: TradingView)
In addition, LINK’s Money Flow Index (MFI) rating of 54 indicates considerable purchasing pressure in the market. While not currently in the overbought zone, there is room for further price surges. As a result, traders and investors may continue to consider LINK as having a potential upside and may be more willing to purchase or keep existing holdings.
However, if the momentum begins to fade and the MFI rating falls below 50, it may suggest a change in market mood and a probable decline in purchasing pressure. This trend might cause LINK’s price to fall as traders and investors begin to liquidate their holdings. In conclusion, Chainlink’s recent upgrade has ignited a bullish wave, with technical indicators favoring further gains for LINK.
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