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Chainlink’s Buy Signal Sparks Market Interest: What’s Next for LINK?

Crypto analyst Ali Charts highlighted a buy signal on Chainlink’s (LINK) chart in a recent post shared on the X platform, indicating a potential upswing. Additionally, Dex Screener data reveals that the LINK/USDT pair is showing signs of stabilization on the daily chart, hinting at a possible bullish reversal.

Ali’s chart highlights a buy signal via the TD Sequential indicator, predicting an upward trend that could last between one to four weeks. Moreover, the predominance of red candles in his chart indicates a bearish phase, yet a blue rectangle marks a crucial zone of interest. If LINK holds this level and generates green candles, it might signal a market reversal.

At press time, Chainlink’s price stands at $13.30, with a minor decrease of 0.69% and a trading volume of $192,182,703 over the last 24 hours. On the daily price chart, the Relative Strength Index of around 37.94 points toward a market neither oversold nor overbought, leaning slightly towards the oversold threshold. Hence, there is room for upward movement if market conditions align.

LINKUSDT daily price chart Source: Dex Screener

Furthermore, the Moving Average Convergence Divergence presents a bullish crossover, enhancing buying sentiment. The Know Sure Thing (KST) oscillator also supports this view as it crosses above the zero line, suggesting gaining momentum. These indicators collectively hint at the onset of an upward trend, contingent on sustained trading volumes and positive sentiment.

In contrast to Ali’s optimistic assessment, @lewi5, another crypto analyst, takes a more cautious approach. In a recent X post, he expressed doubt about Chainlink’s ability to function in the future. He vehemently denounced Chainlink founder Sergey for his continuous $LINK token sale, claiming it would result in poor performance. 

Furthermore, @lewi5 made a historical analogy to the state of Bitcoin in 2014, when its price was $820 and roughly 55% of its supply was in use. He emphasised the subsequent 90-fold growth in Bitcoin’s value. This contrast critiques the immediate effects of insider selling on $LINK’s price stability and reminds us of possible long-term profits despite present obstacles.

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