LINK Price Analysis: Surpassing $12, Is LINK Teasing A Retest?

The post LINK Price Analysis: Surpassing $12, Is LINK Teasing A Retest? appeared first on Coinpedia Fintech News

As Bitcoin remains close to the $35K barrier and the November 9th Deadline for the SEC vs. Ripple bears no fruit, altcoins take a small hit. However, the LINK price action continues to sustain the uptrend momentum and crosses above the $12 mark. 

Therefore, with a year-to-date return of 135%, the LINK price prediction suggests a rise in demand. 

Coming back stronger than ever, the LINK price action showcases a year-long channel breakout for a trend reversal. The altcoin finds a significant rise in trading volume and activity of whales leading to such high speed uptrend. 

As per LookOnChain, a crypto whale has gathered a notable amount of 312,901 LINK tokens, at approximately $3.81 million.

The sharp uptrend in the Chainlink price breaks above an ascending resistance trendline, highlighting a strong breakout. Further, the uptrend rises above the crucial mark of $12 but showcases a potential retest possibility. 

Currently trading at $13.035, the LINK price action hints at the formation of a Doji candle, teasing a potential evening star to retest a $12 breakout. 

Technical indicators:

EMA: The bullish trend in the Chainlink prices influences a positive spike in the 50-day EMA. With the increasing gap between the 50-day and 200-day EMA, the uptrend grows stronger.  

MACD indicator: The momentum indicator shows the MACD and signal lines avoiding a crossover event and sustaining the positive trend. 

Will LINK Price Reach $15?

Giving a notable comeback in 2023, the LINK price has become one of the Top-performing altcoins in the last few weeks. With a 119% jump in the last two months, Chainlink continues to uphold the bullish rally with increasing demands. 

Moreover, with the refreshed and rising interests of whales in the altcoin teases, a bull run to $15 and even higher. If the uptrend sustains above the $12 mark with a retest, the altcoin can reach the $15 mark. However, a reversal under $12 can result in a retest of the $10 mark.