Chainlink (LINK) has recently shown signs of potential bullish momentum, threatening $12.56 million in short contracts if the price rises above $15. The cryptocurrency has seen a 7.72% increase in the past 24 hours, pushing its current value to $13.94. The emergence of a double-bottom pattern on the daily chart suggests a possible uptrend, targeting $17.73.
Market Indicators and Analysis
LINK's daily chart reveals a double-bottom pattern, often indicating a reversal and potential uptrend. If LINK maintains its current momentum, it could rise to $15.62, triggering significant liquidations of short positions. Conversely, if bearish forces prevail, LINK might drop to $12.18, risking long positions worth $10.99 million.
Technical Indicators
Relative Strength Index (RSI): Currently at 39.63, suggesting the potential for further gains if it moves above the neutral zone.
Liquidation Map: Shows key levels where liquidation risks are highest, highlighting the importance of maintaining support levels.
Conclusion
LINK's price movement in the coming days will be crucial in determining the fate of these short positions. Investors should closely monitor market indicators and price levels to navigate this volatile period.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
