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- LINK price is heading closer to breaching its short-term resistance of $12.
- Futures Open Interest has risen over 6.26% in the past 24 hours.
Chainlink (LINK) crypto is faring well, owing to the recent market rebound, resulting in a significant uptick of over 18% in the last ten days. It gained significant traction over the past two weeks, resulting in a reversal from the $10 mark.
In the last 48 hours, it surpassed its 20-day and 50-day EMA marks. Meanwhile, it was still trading below its pivot of $12 and displayed range-bound movement.
The $12-$13 zone serves as a resistance zone, short-sellers are active there. Until the level is breached, the LINK price might continue to consolidate.
Chainlink Price Prediction: Will LINK Cross the $12 Barrier?
The daily chart of LINK crypto conveys that the bear army has a strong grip around the $12 mark. As a result, the LINK price remained below it for more than half a month.
A consolidation move below the $12 mark caused a decline in trading volume, representing a dilemma among investors.
The ongoing price action shows that the LINK token has gained momentum and was looking to surpass the $12 barrier to unlock further upside potential. As the crypto market is expected to stabilize, LINK crypto could capitalize on it and gain.
At press time, LINK price was trading at $11.61, noting a surge of over 6.30% in the past 24 hours. It boasts a market cap of $7.10 Billion and is positioned as the 14th largest crypto among the top 100.
@CryptoParadyme, in his tweet, said that LINK crypto chart reflected a roller coaster ride and displayed a wild move in recent sessions.
$LINK looks wild. pic.twitter.com/GSKDfsntyQ
— Dyme (@CryptoParadyme) September 19, 2024
Amidst the recent upsurge of over 10% over the weekend, it’s unclear if LINK price can sustain this upward move. Its ability to hold above the $12 critical resistance level will determine whether this momentum can continue.
Sharpe Ratio Moving Upward: What Does it Mean?
Since mid-August, LINK’s Sharpe ratio data has been on an upward journey and crossed the zero line. It was placed around 1.75 at press time.
A positive Sharpe ratio typically suggests that the reward of buying LINK outweighs the risk. With a positive value of 1.75, the market conditions seem favorable for buying LINK, which could, in turn, drive LINK’s price up.
Besides the technical setup, the OI-weighted funding rates paint a bullish outlook. Since September 7th, the value has remained positive, which implies sustained long buildup activity, conveying bullish cues.
Moreover, the Open Interest (OI) rose 6.27% to $163.51 Million over the last 24 hours.
While over $119.92k in short positions were liquidated, only $5.34k in long positions were liquidated, which means that long positions overpower the short positions.
The immediate support zones are $10.80 and $10, whereas the prompt hurdles are close to $12.50 and $13.80
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
