LINK Breaks 533-Day Sideways Range, Is It Time to Buy Dip at $9.50-$10?

In the last 24 hours, Chainlink (LINK), a crypto project with over $6.4 billion valuation, stood as the eighth most traded digital asset in the crypto market. According to CoinMarketCap data, market participants bought and sold nearly $1 billion worth of LINK, precisely $831,682,523. With LINK now at $11.53, a prominent chartist believes the digital asset is primed for further exponential price gains.

In a recent tweet, the renowned market analyst Michaël van de Poppe disclosed that the LINK token has emerged triumphant from a period of longstanding sideways action. According to him, the token broke out of a structure of a prolonged 533-day period of lateral price movement. The analyst believes escaping from such a trading range signals an opportune moment to consider purchasing Chainlink dips.

#Chainlink broke out of a structure of 533 days of sideways action.

Breaking such a strong range -> time to buy the dips.

The upside is relatively exhausted at this stage, targeting $12.50-13.00 for potential short-term resistance.

Targeting $9.50-10.00 to buy the dip. pic.twitter.com/HiC0lXrsz2

— Michaël van de Poppe (@CryptoMichNL) October 31, 2023

Furthermore, Van de Poppe pinpointed precise entry targets for those looking to join the LINK market. However, before highlighting his best entries, he noted that the current price of LINK could be somewhat expensive.

Specifically, the analyst argued that LINK’s upward potential appears somewhat depleted from its current $11.53. Therefore, he mentioned that LINK is expected to encounter a short-term price resistance between $12.50 and $13.00. In his words: “The upside is relatively exhausted at this stage, targeting $12.50-13.00 for potential short-term resistance.”

Meanwhile, he suggested that investors looking to buy Chainlink tokens on corrections should target when it declines to between $9.50 and $10. The analyst believes this range represents the most favorable entry point for LINK dip buying.

Notably, Chainlink has been on a bullish market for the last 30 days, growing nearly 40% from its $7.9 September dip to over $11.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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