by: John P. NjuiPosted on:

Chainlink (LINK) Could Be Headed to $10 With a Golden Cross on the Horizon

Summary:

  • Chainlink is exhibiting bullish momentum on the one-day chart with a golden cross in the pipeline
  • The digital asset recently hit a local peak of $9.26 and could be gearing up for a retest of $10
  • The Chainlink network has had the largest amount of active LINK addresses in the last five weeks

Chainlink (LINK) has had an eventful two weeks after rallying by 44% from a local low of $6.444 to a local peak of $9.26. The rally, which started on October 21st, has resulted in the digital asset pumping above the three crucial moving averages – 50-day (white), 100-day (yellow) and 200-day (green) – as seen in the one-day LINK/USDT chart below, courtesy of Tradingview.com.

Chainlink Could Experience a Golden Cross That Could Propel it to $10

Also from the chart, it can be observed that Chainlink (LINK) has a pending golden cross between the 50-day and 200-day moving averages. Such an event is usually bullish and could signal the beginning of a rally towards the crucial $10 price level that will ultimately be a stiff resistance to break for the digital asset.

Furthermore, its daily MFI (green), RSI (red) and MACD all hint at an ongoing pullback that could result in Chainlink dropping to the $8.50 or $8.30 support depending on the general crypto market mood that is currently being bombarded by the incidences surrounding the FTX crypto exchange.

Chainlink Sees its Largest Active LINK Addresses in 5 Weeks

But the ongoing external market forces might not affect Chainlink’s mission towards $10.

According to the team at Santiment feed, the digital asset ‘has been supported by the largest amount of active LINK addresses in 5 weeks, and traders are longing aggressively’ as seen in the tweet below. Consequently, Chainlink could buck the bearish trend and maintain some level of bullishness in November.

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