Crypto Trader Bullish on Chainlink (LINK) as Indicator Flashes Buy Signal
A well-known crypto trader suggests that the decentralized oracle network Chainlink (LINK) is indicating a short-term bullish signal.
Ali Martinez highlights that the Tom DeMark (TD) Sequential indicator recently flashed a buy signal for LINK on the daily chart, indicating “a potential one to four-day upswing.”
The TD Sequential indicator presents a buy signal on the #Chainlink daily chart, suggesting a potential one to four-day upswing.
The last three buy signals from this indicator since December 2023 have led to gains of 27%, 32%, and 8%, respectively. pic.twitter.com/IRqJ2wHMwY
— Ali (@ali_charts) April 18, 2024
Traders use the TD Sequential Indicator to predict possible trend reversals for tokens based on the closing prices of their 13 previous bars or candles.
As of the time of writing, LINK is trading at $13.81. The 18th-ranked crypto asset by market cap has surged more than 4.5% in the past 24 hours but has dropped nearly 21% in the past week.
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Martinez also provides an update on Bitcoin (BTC), suggesting that the top crypto asset still has room to rise in the current bull market.
Each #Bitcoin bull cycle goes through a euphoric phase, signaling a market top. $BTC has yet to see that euphoria in the current cycle! pic.twitter.com/Sj9JXW6Ksz
— Ali (@ali_charts) April 18, 2024
Martinez also notes that more than 27,700 BTC worth around $1.72 billion flowed into accumulation addresses when the top crypto asset dropped below $63,000 this week.
Over 27,700 $BTC, worth around $1.72 billion, have flown into accumulation addresses as #Bitcoin dropped below $63,000! pic.twitter.com/ksrk0qNp41
— Ali (@ali_charts) April 18, 2024
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
