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LINK prepares for potential breakout after a mid-week bounce but that’s not all

LINK prepares for potential breakout after a mid-week bounce but that’s not all

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Chainlink’s original cryptocurrency, LINK, may be the next candidate for a major bull run. It was one of the most popular cryptocurrencies at press time, and its price performance could lead to a breakout of the pattern.

LINK managed to overcome bearish doubt in the first half of the week in favor of a strong uptrend since September 7th.

The alt rallied around 20% over the past three days, confirming a strong recovery in demand. However, the rally has led to a new rest of its six-month support level and a break may be on the cards.

Source: TradingView

The breakout may start a new uptrend. A welcome relief for LINK investors, given that LINK has been trending downward for the past five months. Its press time price level of $7.81 still represents a slight discount from its two-month high of $9.48.

LINK’s ongoing upward attempt is supported by stronger accumulation compared to its previous July-August attempt. This is reflected in the money flow index (MFI), which shows that aggressive accumulation has taken place since the last week of August.

Source: TradingView

The spike in social volume highlights LINK’s rise, especially due to the hype surrounding the upcoming conference. An event called Smartcon takes place at the end of September. It features performances from the Chainlink team.

More observations from the chain side of things reveal an increase in daily active addresses. This plus the spike in whaling events confirms the wave of demand that is responsible for the continued rise.

Source: Santiment

Can LINK survive the current protest?

LINK is currently recovering, but short-term uncertainty remains. A change of heart caused by expectations of risk assets weakening interrupted LINK’s rally in the first half of August. Such a result may be repeated in the next three weeks.

On the other hand, LINK has managed to rise despite the selling pressure of some whales. Whales holding between 1 and 10 million LINK coins reduced their holdings over the past two days, likely driving gains.

Source:: Santiment

Other classes of whales, including more than 10 million whales, contributed to the continued rise. Investors should be wary of a consensus outcome when all the whales gather. Such a result would confirm expectations of a long rise in the short term.

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