- 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.
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.
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.
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