Chainlink To Go “Parabolic” After Breaking 28-Month Downtrend?
06 Octubre 2023 - 11:34AM
NEWSBTC
Chainlink (LINK) is trading at $7.60, still unable to escape the
range between $5 and $8 it has spent over a year in. Its recent
attempt at a rally, however, has triggered an important
“parabolic”signal following a length, 28-month long downtrend.
Chainlink Taps Parabolic SAR After 28-Month Downtrend Chainlink
earned itself a reputation as a “blue chip” cryptocurrency during
the last bear market. While Bitcoin, Ethereum, and other altcoins
remained relatively bearish until the end of 2020, LINKUSD defied
all odds and expectations by rising nearly 10,000% leading up to
the same timeframe. From October 2020 when the rest of the crypto
market broke out, Chainlink still did another 600% before reaching
a peak at over $50 in May 2021. But since then, it has been almost
all downhill and a lot of sideways. Related Reading: Chainlink
Creator Expects Mass Crypto Adoption To Send Market Cap To $10
Trillion After that price peak, a rejection all the way down to $15
in the same month set the downtrend in motion. At that moment, it
also tagged the Parabolic SAR, signaling that the uptrend had
“stopped and reversed.” The cryptocurrency first spent 12 months in
an aggressive downtrend, followed by over 16 months of painful
sideways. In total, the coin lost 90% of its value from top to the
current local bottom. But what’s next now that the Parabolic SAR
has been touched once again? Chainlink tags the 1M Parabolic SAR |
LINKUSD on TradingView.com Is LINKUSD Ready For A 1,000% Rally? How
About Three Of Them? The Parabolic SAR is a technical analysis
indicator created by J. Welles Wilder, Jr., and is used to tell a
trader when a trend as potentially “stopped and reversed.” It is
commonly used in conjunction with Wilder’s other tools, such as the
Relative Strength Index, and Average Directional Index. Much like
the tool nailed the exact trend change at the top, it might once
again be accurately signally a positive trend change after 28
months of downward Parabolic SAR movement. Previous uptrend
according to the 1M LINKUSD Parabolic SAR were parabolic indeed.
Related Reading: LINKing The Dots: Why Chainlink Could Be The
Altcoin To Watch, Top Trader Says Across the three times where the
Parabolic SAR flipped bullish, LINKUSD gained 1,000% each time.
Another 1,000% rally would take Chainlink to over $80 per token.
The last primary bull market in Chainlink produced not one, but
three of these 1,000% rallies. A 3,000 uptrend could take the coin
to over $230 each. Coincidentally, the LMACD is also crossing
bullish for the first time in 28 months, adding plenty of
confluence. With the Parabolic SAR now below price, will the
cryptocurrency go on another parabolic uptrend? This chart
initially appeared in Issue #22 of CoinChartist (VIP) alongside 30
other exclusive crypto charts. Subscribe for free. Tony is the
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technical analysis education. Please note: Content is educational
and should not be considered investment advice. Featured image from
Shutterstock, Charts from TradingView.com
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