Market
Breaking Resistance Could Lead to Major Gains
Chainlink (LINK) price has been gaining attention as it approaches key resistance levels, with several technical signals suggesting potential moves ahead.
Following a recent surge, LINK’s momentum could lead to further growth, but traders are keeping a close eye on critical thresholds.
LINK Directional Movement Index Looks Bullish
The Directional Movement Index (DMI) for LINK currently shows strong bullish momentum. The Positive Directional Index (+DI) is at 29.2, significantly outpacing the Negative Directional Index (-DI) at 13.3, indicating that buyers have a clear advantage over sellers. The Average Directional Index (ADX), which measures trend strength, is at 28.2, suggesting that the current trend is sustainable.
The DMI is composed of three key indicators: +DI, -DI, and ADX. While +DI and -DI track the strength of upward and downward price movements, the ADX measures overall trend strength. Typically, an ADX above 25 signals a strong trend, while lower values suggest weaker trends or consolidation. When the +DI surpasses the -DI, it indicates bullish momentum, and the reverse suggests bearish sentiment.
Read more: How to Buy Chainlink (LINK) With a Credit Card: A Step-By-Step Guide
With the +DI far higher than the -DI and the ADX above 25, LINK is in a strong upward trend. This suggests that its price could continue to climb in the short term as buying pressure dominates. However, traders should keep an eye on the ADX for any shifts in trend strength, as well as the interaction between the +DI and -DI lines, which could signal potential reversals.
Chainlink 7D MVRV Shows Potential, But Caution Is Needed
LINK 7-day MVRV Ratio is currently at 7.9%, suggesting that the asset might still have room for price growth. The MVRV (Market Value to Realized Value) ratio is a metric used to assess holders’ potential profitability by comparing the current market value to the average price at which coins were acquired.
Generally, a high MVRV ratio indicates that holders have a higher level of unrealized profit, which can lead to increased selling pressure and potential price corrections. Conversely, a low MVRV ratio suggests that fewer holders are in profit, reducing the likelihood of a major sell-off.
Historically, MVRV thresholds vary, but a value around 10% has often been a signal of overvaluation, leading to potential corrections. For LINK, specifically, over the last six months, the price has held steady as the MVRV approached 10%. However, once this threshold was reached, LINK price experienced corrections, as traders likely took profits at elevated levels.
At the current MVRV of 7.9%, LINK appears to have some room for further price growth. However, with the ratio nearing the 10% threshold, it is important to monitor this metric closely. A rise beyond that point could indicate an increased risk of a pullback as more holders enter profitable territory and may consider selling.
LINK Price Prediction: 50% Surge Likely
On September 17, LINK EMA (Exponential Moving Average) lines formed a golden cross, triggering a notable price surge of 20% in the following days. A golden cross occurs when a short-term EMA crosses above a long-term EMA, typically signaling a bullish shift in momentum. Traders often watch for this pattern as an indication of upward price movement.
The EMAs smooth out price data to help identify trends, with a golden cross commonly viewed as a bullish sign, especially when the shorter EMA crosses above the longer one.
Read more: Chainlink (LINK) Price Prediction 2024/2025/2030
Though the EMA lines are currently in a bullish formation, they are not yet significantly separated, which may lead to some caution among traders. The closer proximity of the lines can suggest that while the trend is bullish, it might not be fully established or could revert with volatility.
Chainlink is now facing strong resistance at key levels of $13.9 and $15. If LINK manages to break through these resistances, it could test the $19.1 level. That would represent a 50% growth from its current price.
However, if the trend reverses and the EMAs cross again, LINK could experience a pullback. It could potentially drop back to $9.9, a key support level. Traders should closely monitor these levels as they will play a crucial role in determining LINK’s next move.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Ethereum price started a fresh increase above the $3,220 zone. ETH is rising and aiming for more gains above the $3,350 resistance.
- Ethereum started a fresh increase above the $3,220 and $3,300 levels.
- The price is trading above $3,250 and the 100-hourly Simple Moving Average.
- There is a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it clears the $3,385 resistance zone.
Ethereum Price Regains Traction
Ethereum price remained supported above $3,000 and started a fresh increase like Bitcoin. ETH gained pace for a move above the $3,150 and $3,220 resistance levels.
The bulls pumped the price above the $3,300 level. It gained over 10% and traded as high as $3,387. It is now consolidating gains above the 23.6% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high.
Ethereum price is now trading above $3,220 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level. There is also a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD.
The first major resistance is near the $3,385 level. The main resistance is now forming near $3,420. A clear move above the $3,420 resistance might send the price toward the $3,550 resistance. An upside break above the $3,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,650 resistance zone or even $3,880.
Another Decline In ETH?
If Ethereum fails to clear the $3,350 resistance, it could start another decline. Initial support on the downside is near the $3,300 level. The first major support sits near the $3,250 zone.
A clear move below the $3,250 support might push the price toward $3,220 or the 50% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high. Any more losses might send the price toward the $3,150 support level in the near term. The next key support sits at $3,050.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,250
Major Resistance Level – $3,385
Ethereum price started a fresh increase above the $3,220 zone. ETH is rising and aiming for more gains above the $3,350 resistance.
- Ethereum started a fresh increase above the $3,220 and $3,300 levels.
- The price is trading above $3,250 and the 100-hourly Simple Moving Average.
- There is a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it clears the $3,385 resistance zone.
Ethereum Price Regains Traction
Ethereum price remained supported above $3,000 and started a fresh increase like Bitcoin. ETH gained pace for a move above the $3,150 and $3,220 resistance levels.
The bulls pumped the price above the $3,300 level. It gained over 10% and traded as high as $3,387. It is now consolidating gains above the 23.6% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high.
Ethereum price is now trading above $3,220 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level. There is also a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD.
The first major resistance is near the $3,385 level. The main resistance is now forming near $3,420. A clear move above the $3,420 resistance might send the price toward the $3,550 resistance. An upside break above the $3,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,650 resistance zone or even $3,880.
Another Decline In ETH?
If Ethereum fails to clear the $3,350 resistance, it could start another decline. Initial support on the downside is near the $3,300 level. The first major support sits near the $3,250 zone.
A clear move below the $3,250 support might push the price toward $3,220 or the 50% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high. Any more losses might send the price toward the $3,150 support level in the near term. The next key support sits at $3,050.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,250
Major Resistance Level – $3,385
GOAT price has skyrocketed 214.29% in one month, recently breaking into the $1 billion market cap and securing its place as the 10th largest meme coin. It now stands just ahead of MOG, which closely trails its position in the rankings.
However, recent indicators suggest that GOAT’s uptrend may be weakening, raising questions about whether it can sustain its rally or face a potential correction.
GOAT BBTrend Is Negative For The First Time In 4 Days
GOAT BBTrend has turned negative for the first time since November 17, now sitting at -0.54. This shift suggests that bearish momentum is beginning to take hold, with the asset’s recent upward trajectory starting to weaken potentially.
BBTrend measures the strength and direction of price trends using Bollinger Bands, with positive values indicating an uptrend and negative values signaling a downtrend. A negative BBTrend reflects increased downward pressure, which could indicate the start of a broader market shift.
GOAT has had an impressive November, gaining 61% and reaching a new all-time high on November 17.
However, the current negative BBTrend, if it persists and grows, could signal the potential for further bearish momentum.
GOAT Is In A Neutral Zone
GOAT’s RSI has dropped to 52, down from over 70 a few days ago when it reached its all-time high. This decline indicates that buying momentum has cooled off, and the market has moved out of the overbought zone.
The drop suggests a shift toward a more neutral sentiment as traders consolidate gains and the strong bullish pressure seen earlier subsides.
RSI measures the strength and velocity of price changes, with values above 70 indicating overbought conditions and below 30 signaling oversold levels. At 52, GOAT’s RSI is in a neutral zone, neither signaling strong bullish nor bearish momentum.
This could mean the current uptrend is losing strength, and the price may consolidate or move sideways unless renewed buying pressure reignites upward momentum.
GOAT Price Prediction: A New Surge Until $1.50?
If GOAT current uptrend regains strength, it could retest its all-time high of $1.37, establishing its market cap above $1 billion, a fundamental threshold for being among the biggest meme coins in the market today.
Breaking above this level could pave the way for further gains, potentially reaching the next thresholds at $1.40 or even $1.50, signaling renewed bullish momentum and market confidence.
However, as shown by indicators like RSI and BBTrend, the uptrend may be losing steam. If a downtrend emerges, GOAT price could test its nearest support zones at $0.80 and $0.69.
Should these levels fail to hold, the price could fall further, potentially reaching $0.419, putting its position in the top 10 ranking of biggest meme coins at risk.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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