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During an extended accumulation phase, Chainlink (LINK) piqued investors’ interest, with notable analysts like Altcoin Sherpa predicting an imminent price surge after more than 500 days of accumulation. Sherpa advised a Dollar-Cost Averaging (DCA) strategy, suggesting investors consider buying within the $5 to $7 range. Currently priced at $7.5, LINK shows signs of a potential breakout around $6.80.
Analyst Ali Martinez also highlighted increased transaction volumes by whales and institutions. Prominent Chainlink advocate ChainLinkGod urged a broader understanding of Chainlink’s capabilities beyond being a decentralized oracle network, emphasizing its decentralized, distributed architecture. The market expects Chainlink to experience a bullish trend due to increasing investor interest and evolving views on its capabilities.
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$LINK: 500+ days in accumulation and chop, this will fly 1 day. I think the best way to play this (for most investors) is to:
-DCA from $5-$7 (I know it’s a huge range).
-Sit on this for as long as it takes and wait for the breakout of the range
-First bids could be $6.80ish pic.twitter.com/kQMS63m2Z5— Altcoin Sherpa (@AltcoinSherpa) October 13, 2023
⬡ Chainlink Adoption Update ⬡
This week, there were 9 integrations of 5 #Chainlink services across 7 different chains: @arbitrum, @avax, @BuildOnBase, @BNBCHAIN, @ethereum, @optimismFND, and @0xPolygon.
New integrations include @ArchlyFinance, @ArkhamIntel, @bullionlabs,… pic.twitter.com/jvlri54eI7
— Chainlink (@chainlink) October 15, 2023
Chainlink Key Levels To Watch: October 16
Following the reclaiming of the bullish order block, which formed at the $6.00 price level, the market’s uptrend continued. The resumption of the uptrend led to the formation of the current high of the market’s trading range at $8.440 in mid-July 2023.
The price fell due to the selling pressure from the premium zone following the formation of the $8.440 high. This led to an invalidation of the previous low at $6.00 before the market’s uptrend eventually resumed. LINKUSD is likely to breach the $8.440 high soon as the bulls remain in control of the market.
Chainlink Key Levels
Resistance Levels: $7.9100, $8.4400, and $8.8000
Support Levels: $6.4700, $5.7400, $5.0000
LINK/USD Metrics
Total Market Capitalization: $1.06T
Chainlink Market Capitalization: $4.2B
Chainlink Volume: $0.27B
Market Rank: #18
You can purchase Lucky Block here. Buy LBLOCK
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