LINK Finally Breaks its Accumulation Phase in the Wyckoff Pattern
Crypto trader and investor who goes by the pseudonym Daan Crypto Trades shared his thoughts on Chainlink (LINK). In particular, he stated that LINK was following the Wyckoff pattern and was going through the accumulation phase. The analyst was surprised by how long the accumulation phase lasted.
$LINK This worked out beautifully.
Price up +150% from the public buy at the range low retake.
This was one crazy range down here. Very rare to see such a long accumulation phase on any cryptocurrency. https://t.co/ZTXVVqBux6 pic.twitter.com/j9rBS55tLS
— Daan Crypto Trades (@DaanCrypto) November 8, 2023
When looking at the weekly chart, LINK has been gaining value and making higher highs. The token was trading at $11.29 when the markets opened for trading. On the first day, LINK crashed below the opening market price and reached its weekly lowest price of $10.66. On the second day, the bulls started to push LINK to new heights.
LINK/USD 1-Week Chart (Source: CoinMarketCap)
LINK reached its maximum price of $14.9 just earlier in the day today. At press time, LINK is priced at $14.62 after it gained value by 29% during the past seven days. The chart below shows that LINK was going through an accumulation phase from May 2022 until late October 2023. The token was fluctuating between $5.7 and $9.7. However, after this long period of accumulation, LINK bulls have found some momentum and have managed to drive LINK prices up.
LINK/USDT 1-Day Chart (Source: TradingView)
Hence, if the price of LINK keeps moving up, then there is a high chance that LINK could reach $18. Moreover, the Accumulation/ Distribution Line (ADL) is also rising while reading a value of $907 million. This shows that the current rise in price has been supported by volume. However, LINK has touched the upper Bollinger band, and therefore it might retrace. Hence, during this retracement, there is a high chance that LINK could crash to the $11.4 support level.
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