Chainlink (LINK) News Feature Image
  • Crypto Analyst tweeted that LINK’s accumulation phase was ending as it was bracing to spike.
  • Chainlink bulls dominate the weekly chart raising Chainlink from $6.69 to $7.71.
  • If Faibik’s prediction is validated, then, LINK could reach $35.

Crypto Analyst Captain Faibik tweeted that Chainlink’s (LINK) 500-day accumulation phase is currently coming to an end. Hence, he advised the masses to make use of these phases to accumulate LINK hoping for a spike or regret later. 

When considering the chart below, it could be seen that Chainlink has been on an uptrend making higher highs and higher lows. It was trading at $6.69 when the markets opened for trading and thereafter gradually gained value and it is currently trading at $7.71. Remarkably, the token gained more than 15% of its value during the last 24 hours.

LINK/USDT 1-Week Chart (Source: CoinMarketCap

During the last week, Chainlink registered its highest price of $7.8 yesterday while its lowest price was $6.63, which the coin registered on the first day. 

LINK/USDT 1-Day Chart (Source: Tradingview

The above charts show how LINK has been consolidating since May 2022 until today. This consolidation happened after there was a drastic spike for LINK during 2021 where it reached higher than $35. According to Faibik, this period of consolidation is called the accumulation phase where traders accumulate. As per the Fixed profile volume indicator, the present price range of LINK shows that it has more buying and selling happening at this rate. Moreover, above or below this rate, the trading volume seems to dwindle. 

Although Faibik says that the accumulation phase is coming to an end, there is the possibility that LINK could hit the resistance level at $8.5 and ricochet off it. However, if Faibik’s prediction is validated, then, LINK has the potential to reach more than $35. 

Disclaimer:

The information and analysis are intended for informational purposes only. All views and opinions expressed should not be considered as financial, investment, or trading advice. Readers are strongly encouraged to conduct their own research before making any investment decisions. Any actions taken based on the information presented by BitsLogic are at the reader’s own risk. The author or any affiliated parties shall not be held liable for any direct or indirect damages or losses resulting from such actions.