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- The priority migration period for Chainlink’s staking v0.2 is scheduled to start tomorrow.
- Following the priority migration period, eligible stakers will have the opportunity to stake up to 15,000 LINK.
- From a technical perspective, a symmetrical triangle has emerged on LINK’s daily chart.
Technical indicators for Chainlink (LINK) suggest that the altcoin may surge soon as Chainlink Staking v0.2 is scheduled to start tomorrow. Following tomorrow’s launch, there will be a nine-day “Priority Migration period”. During this time, v0.1 stakers who migrate their staked LINK and rewards will have guaranteed access to v0.2, according to a blog post by the project.
Following this phase’s grace period, stakers eligible for Early Access will have four days to stake up to 15,000 LINK in v0.2 before General Access opens. Afterwards, on 11 December, the staking opportunity will be opened up to everyone, according to the blog post. All holders will be able to stake up to 15,000 LINK each, provided that the pool is not full.
Daily chart for LINK/USDT (Source: TradingView)
From a technical standpoint, a symmetrical triangle has emerged on the daily chart for LINK. This particular chart pattern suggests that a price breakout may soon ensue. Should the altcoin’s price enter into a strong move towards the upside in the next few days, then it may attempt to flip the resistance level at $14.825 into support.
Thereafter, a daily candle close above this barrier could lead to the cryptocurrency’s price continuing its climb. In this bullish scenario, LINK could rise to as high as $17.685 in the following few days.
This bullish thesis may be invalidated, however, if LINK fails to close a daily candle above $14.825 within the next 72 hours. Consequently, LINK may be at risk of dropping to as low as $12.610 in the short term.
The daily Relative Strength Index (RSI) indicator suggests that bulls were growing stronger on LINK’s daily chart. With the RSI line rising towards the RSI SImple Moving Average (SMA) line, a significant bullish technical flag was on the verge of being triggered. These two lines crossing could signal a major shift in momentum in favor of bulls.
The post Link on the Verge of a Breakout as Staking Upgrade Set To Go Live appeared first on Coin Edition.