chainlink

🚨JUST NOW:

Bitwise has finally received the approval from SEC to list a spot Chainlink ETF ($CLNK) on NYSE Arca.

Launch is expected this week.

Coinbase Custody will hold $LINK, and BNY Mellon will custody cash assets.

#chainlink #BinanceSquare

Chainlink (LINK) is capturing attention in the crypto markets as technical indicators hint at a possible macro reversal, bolstered by positive developments like an impending ETF launch and institutional accumulation, even as broader market volatility persists around the $13 level.
Trading Plan:
- Entry: $13.00
- Target 1: $15.00
- Target 2: $18.00
- Stop Loss: $11.50
Market Snapshot:
The Chainlink token has been navigating a choppy landscape in recent sessions, trading at approximately $13.33 amid a broader cryptocurrency pullback. From the attached chart, LINK exhibits a clear downtrend over the higher time frames, characterized by lower highs and lower lows since its peaks earlier in the year. However, the price action is showing signs of exhaustion, with a developing double bottom pattern forming around the $12 support zone. This pattern, often a harbinger of bullish reversals, suggests that sellers may be losing steam after repeated tests of this critical level. The Exponential Moving Averages (EMAs) provide further context: the 7-period EMA is sloping downward but flattening near the current price, while the 25-period EMA acts as dynamic resistance just above $14, and the 99-period EMA serves as a longer-term downtrend anchor around $15. Bollinger Bands reflect contracting volatility, with the price hugging the lower band, indicating potential for an expansion if momentum shifts upward. Overall, the structure points to a range-bound consolidation within a downtrend, with an attempted breakout from the lower end of the range now in play.
Chart Read:
Delving deeper into the observable elements, the chart reveals an impulsive downward move from the recent swing high near $16, followed by consolidation in a tightening pennant-like formation. Key rejections have occurred at local swing highs around $14.50, where selling pressure has capped upside attempts, leading to volatility contractions visible in the narrower Bollinger Bands. The double bottom at $12 stands out as a high-time-frame support, tested twice with increasing volume on the second bounce, hinting at building buyer interest. Regarding momentum indicators, the Relative Strength Index (RSI) at the 14-period setting is hovering around 40, emerging from oversold territory below 30 during the recent dip to $12. This supports the price action by suggesting mean reversion potential, as RSI divergence—higher lows in RSI against flat price lows—indicates weakening bearish momentum. The Moving Average Convergence Divergence (MACD) reinforces this at the current $13 level, with the histogram bars shortening and the signal line crossover approaching from below, pointing to possible bullish convergence. Liquidity pockets below $12 appear thin, likely drawing in opportunistic longs, while resistance overhead at the 25 EMA could test conviction on any rally. This setup at the $12-$13 confluence zone elevates the probability of a high-conviction entry, as it aligns with historical support where prior distributions have reversed into accumulation phases.
News Drivers:
Recent headlines for Chainlink paint a predominantly bullish picture, distilled into three key themes: technical reversal signals, regulatory advancements, and institutional adoption. First, the macro theme revolves around Chainlink's price action forming a double bottom at $12, which analysts interpret as a potential reversal pattern amid broader market corrections. This is labeled bullish for LINK, as it underscores resilience in a high-time-frame support zone, potentially decoupling from Bitcoin's retreat and signaling the end of the distribution phase. Second, on the regulatory front, Bitwise has confirmed a launch date for its Chainlink ETF with the U.S. SEC, following auto-effective approval for listing under a designated ticker. This development is unequivocally bullish, as ETF approvals historically catalyze inflows and legitimacy, drawing traditional finance liquidity into the oracle network's ecosystem and enhancing LINK's utility in DeFi applications. Third, project-specific momentum is evident in whale accumulation, with large holders scooping up 8 million LINK tokens as the Cross-Chain Interoperability Protocol (CCIP) drives broader adoption. Despite LINK's 4% underperformance against Bitcoin, this institutional betting on oracle expansion is bullish, reflecting confidence in Chainlink's infrastructure role despite short-term market noise. Notably, there is no conflict here between news sentiment and chart direction; the positive catalysts align with the double bottom's bullish implications, potentially fueling a liquidity sweep upward rather than a sell-the-news event.
What to Watch Next:
For continuation of this potential reversal, LINK would need to sustain above the $13 level with conviction, breaking through the 25 EMA resistance on elevated volume to target the recent swing high. This could manifest as an impulsive move with MACD histogram expansion and RSI pushing toward 60, confirming accumulation over distribution. An alternative scenario involves invalidation if price fails to hold the double bottom neckline around $13.50, leading to a breakdown below $12 and a retest of deeper liquidity pools, potentially signaling a fakeout rally and resumption of the downtrend toward the 99 EMA. In such a case, bearish MACD crossover and RSI rejection below 40 would validate the bear thesis, turning the range into a distribution trap.
Actionable takeaway (non-advice): Monitor volume spikes on bounces from $12-$13 for signs of genuine buyer commitment versus fading interest; watch for a decisive reaction at the $14 resistance cluster, where prior rejections could either confirm breakout or induce a liquidity grab; track momentum divergences in RSI and MACD for early warnings of trend shifts, particularly if broader market sentiment influences Bitcoin's correlation.
Risk Note:
While these elements suggest probabilistic upside, external factors like macroeconomic shifts or regulatory delays could amplify volatility, underscoring the need for disciplined risk management in any market participation.
In summary, Chainlink's confluence of technical resilience and positive news positions it for intriguing developments ahead.
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#LINK #Chainlink #CryptoAnalysis"
$LINK
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Der Preis von Chainlink (LINK) ist nach einem wichtigen regulatorischen Impuls erneut in den Fokus gerückt. LINK wird derzeit über 13 US-Dollar gehandelt, was einer Steigerung um etwa 12 % in der vergangenen Woche entspricht, nachdem die US-Regulierungsbehörden einen Spot-Chainlink-ETF für den Vermögensverwalter Bitwise genehmigt haben.
Analysten beobachten nun genau, ob LINK seinen bullischen Aufwärtstrend halten kann. Wenn die derzeitigen Bedingungen bestehen bleiben, erscheint ein Anstieg auf das Niveau von 20 US-Dollar zunehmend realistisch – besonders wenn institutionelles Kapital in das Ökosystem fließt.