Chainlink News – LINK Hits Critical Support – Parabolic Surge or $8 Coming?

Chainlink approaches a 6-year trendline as market analysts disagreed over whether it would break parabolic or retest at $8. This week, the Grayscale LINK ETF goes live with a tremendous amount of volatility.

Chainlink is at a critical technical point. The token multi-year support levels. Analysts are still split on the next move.

At the time of press, LINK is trading at 13.24. The price rests on an important 6-year falling wedge price pattern. Technical indicators flash mixed signals over time.

Bulls Eye Parabolic Breakout From Multi-Year Pattern

Chainlink shows a remarkably clean technical structure according to the statements of AltcoinPiooners on X. The analyst points out a falling wedge in textbooks as early as 2019. The current price action is the fifth time that it has approached the lower trendline.

Source – AltcoinPiooners on X

The crypto asset presents excessive contraction in volume. RSI weekly values reflect historic oversolds of 2019 and 2023 lows. Good bullish divergence is visible on RSI and MACD.

AltcoinPiooners pledges ambitious upside goals on a verified breakout. The first resistance is at $38 to 42, retesting 2021 highs. The targeted measured wedge goes up to 68 to 75. The extension of the full cycle would drive LINK to 120-150.

The bullish case is solidified by real-world adoption. Collaborations with Swift, DTCC and key banks continue growing. The Cross-Chain Interoperability Protocol is still live.

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Bearish Scenario Points to $8 Retest

Ali Charts portrays a different opinion on X. The analyst cautions that Chainlink could repeat breakdown zones. Price may fall to around $8 and then create a sustainable bottom.

Source: Ali Charts 

The bearish thesis implies that the existing support can collapse. The bullish wedge would be nullified by a technical breakdown. There is a risk of downside in the short term among investors.

Pattern invalidation would be confirmed by monthly closes of less than $9.50. Bullish analysts would unlikely see such a move. Different market participants monitor key support levels.

Grayscale Launches First U.S. Spot LINK ETF

Chainlink institutional access also increased significantly this week. CryptosR_Us posted on X that Grayscale is introducing the first spot LINK ETF in America. The product is the transformation of the current Chainlink Trust.

Source – CryptosR_Us 

Eric Balchunas of Bloomberg anticipates December 2. This is the start of the wider crypto ETF growth. In six days, five spot crypto ETFs will be launched.

More than 100 additional crypto ETFs may hit the markets in the next six months. Bitwise had submitted a rival LINK ETF application. Digital asset investment products get broader regulatory access.

The traditional investors will have a direct LINK exposure through the ETF’s launch. Price dynamics may be influenced by institutional demand. Potential inflows are monitored by market observers.

Chainlink is at the threshold between the breakout and the retest of bullish and bearish movements. Technical analysis indicates high volatility in the future. The second significant step may define the direction of LINK in months.

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