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- Chainlink (LINK) has gained nearly 130 percent in the last four weeks, as prices stall, investors are undecided on whether it will retrace or break out on a long-term bullish pattern.
- Technical analysis as well as excitement around the launch of Chainlink v.02 and staking services will propel the altcoin to new heights.
Chainlink (LINK) has impressed for the last four weeks, gaining nearly 130 percent. Two weeks ago, LINK set a new year high after reaching $16.60 after four successive bullish weekly candlesticks. Investors however have a reason to be concerned after the altcoin posted a bearish weekly candlestick since October. Supporting a bearish case is the RSI as a momentum indicator which points to the altocin being overbought.
At the time of press, LINK is trading at $15, after an increase of around 1.5 percent in the last 24 hours. Investors anticipate a bullish week based on upcoming network upgrades. Later this week, the network will unveil the Chainlink Staking v0.2 platform. As CNF reported, this represents a significant leap forward from the previously introduced v0.1 version, boasting enhanced features and broader participation avenues for the Chainlink community.
The Priority Migration phase, starting on November 28, 2023, exclusively caters to existing v0.1 stakers, providing a dedicated window of nine days to transfer their LINK tokens and accumulated rewards to the upgraded platform. This is a crucial step in ensuring continuity for the existing user base.
As we analyzed previously, the $LINK has taken the support at the $13 level & is now back again to flip the higher levels.
> Excitement for V0.2 launch & staking
> More utilities with prior migration & 5 layers.
> Can flip $16 this week to get into price discovery$20 and more is inevitable in $LINK with Marines on!
Bitcoin Scoop noted that the liquidity is building below the price instead of above it, this further strengthens LINK’s position ahead of the key event.
On the lower side, investors will be looking to the highlighted $13 support. Further lower, bulls will be keen to defend the $10 psychological position which if broken to trigger a long-term bearish pattern. An evolving and robust network, LINK is tipped to be one of the best performers in the next bull market.
