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Chainlink

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It appears that the <a href="https://coinpedia.org/news/why-crypto-market-is-going-up/" target="_blank" rel="noreferrer noopener">bull market has officially begun</a>, as the majority of cryptocurrencies are on the verge of a breakout. Today, on November 8, 2024, <a href="https://coinpedia.org/news/bitcoin-hits-new-highs-76203-is-chainlink-ready-to-soar-to-40/" target="_blank" rel="noreferrer noopener">Chainlink (LINK) looks bullish</a>, having formed a bullish price action pattern and being on the verge of a breakout.   
<h2 class="wp-block-heading" id="h-chainlink-link-technical-analysis-and-key-levels">Chainlink (LINK) Technical Analysis and Key Levels</h2>   
On a daily time frame, LINK has formed a bullish ascending triangle price action pattern and is on the verge of a breakout. Based on recent price action and historical momentum, if <a href="https://coinpedia.org/price-prediction/chainlink-price-prediction/" target="_blank" rel="noreferrer noopener">LINK price</a> rises and closes a daily candle above the $13.10 level, there is a strong possibility it could soar by 18% to reach the $15 level in the coming day.&nbsp;   
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/11/08035940/LINKUSDT_2024-11-08_03-59-27.png"><img src="https://image.coinpedia.org/wp-content/uploads/2024/11/08035940/LINKUSDT_2024-11-08_03-59-27-1024x449.png" alt="" class="wp-image-377244"></a>
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 Source: Trading View
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</figure>   
As of now, LINK is trading above the 200 <a href="https://coinpedia.org/traders/exponential-moving-average-ema/" target="_blank" rel="noreferrer noopener">Exponential Moving Average</a> (EMA) on the daily time frame, indicating an uptrend. Traders and investors use the 200 EMA as a technical indicator to determine whether an asset is in an uptrend or a downtrend, and they react accordingly based on this analysis.   
LINK’s bullish thesis will hold only if it closes a daily candle above the $13.10 level, otherwise, it may fail.   [post_titles_links postid="377322"]   
<h2 class="wp-block-heading" id="h-bullish-on-chain-metrics-nbsp">Bullish On-Chain Metrics&nbsp;</h2>   
On-chain metrics further support LINK’s bullish outlook. According to the on-chain analytics firm <a href="https://www.coinglass.com/currencies/LINK" target="_blank" rel="noreferrer noopener nofollow">Coinglass</a>, LINK’s Long/Short ratio on Binance currently stands at 2.10, indicating a strong bullish sentiment among traders.&nbsp;   
Additionally, its open interest has soared by 7.9% over the past 24 hours and 2.5% over the past four hours. This rising open interest indicates growing trader interest and an increase in positions amid a bullish outlook.   
Currently, 73.02% of top traders hold long positions, while 26.98% hold short positions.   
At press time, LINK is trading near $12.55, having experienced a price surge of over 4.36% in the past 24 hours. During the same period, its trading volume dropped by 23%, indicating lower trader participation amid a potential breakout.

Chainlink (LINK) Analysis, Traders Eyes on $15

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