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LINK/USD potential long opportunity as the price aims for $26.14 resistance

By:
on Feb 11, 2024
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  • The price of Chainlink will possibly reach the $26.14 resistance level in the coming days
  • The provided signal should last for 1-2 weeks with an upside potential of 40%
  • The price is likely to follow the price action as there are no major fundamental events in the coming days

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LINK/USD trading strategy

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  • Buy/sell asset: Buy LINK/USD
  • Entry price: $18.64
  • Stop loss: $16.88
  • Leverage: 1x
  • Take profit 1: $20.50
  • Take profit 2: $23.50
  • Take profit 3: $26.14
  • Timeframe: 1-2 weeks
  • Maximum profit: 40%
  • Maximum loss: 9%
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Chainlink has been in a bullish trend for the last couple of months and the price has gained 64% since the last month. The price is making new higher highs and could reach the $26.14 resistance in the coming days and weeks. Yesterday the price broke above the previous high and will likely go for new highs after making a correction.

The price has formed long bullish candles with fair value gaps which indicates the price will retrace and fill those gaps before heading for new highs. The price is expected to retrace back to the $18.60 support level for a correction.

I am expecting the price will retest the $18.60 level and continue its journey towards the $26.14 resistance. The $18.60 is a key level as it is around the 0.786 Fibonacci level and there is also a bullish order block from where the price made the recent new high.

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Fundamentally, there are no significant events that could have a substantial impact on the price of Chainlink. However, the rising inflows into Bitcoin’s EFTs are improving the investor’s sentiments which will likely have a positive impact on the overall crypto market and altcoins.

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  •  LINK/USD recently closed above the previous high of $19.70 level.
  • The price will possibly reach the $26.14 resistance level in the coming days.
  • Multiple take-profit levels have been added to secure profit along the way.
  • The risk-to-reward ratio on this trade is 1:4.2.
  • The entry and stoploss prices have been placed at secure levels with the least probability of getting hit.
  • Good luck!
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