- The LINK price forecast represents a crypto asset that is ripe for a price spike, as key technical indicators indicate it is time to buy.
- Other technical indicators show that Chainlink does not have many barriers and resistance on the way up.
- Despite this optimistic presentation, the number of orcas has dropped significantly, indicating a downward trend.
Chainlink’s price action has seen a huge increase in the last 48 hours, reflecting the recovery of the crypto-currency market. At the time of writing, the crypto asset is trading around $35 with a small resistance level ahead. If Chainlink experiences a similar price increase, it will likely climb towards $40.
LINK Price Forecast: Price Overview
According to Chainlink’s daily chart, it seems like a good time to buy the crypto asset, as the TD Sequential indicator gives a buy signal. This is evidenced by the fact that the technical indicator has formed a red nine candle on the daily chart of the cryptocurrency. At the time of writing, Chainlink appears to have broken through the 50% Fibonacci retracement level at $35.
Moreover, the In/Out of the Money Around Price (IOMAP) technical indicator shows that Chainlink only has a resistance zone between the $35 and $37 region. Over 6,000 Chainlink holders have over 12 million chips here. A price rise above this area should quickly push crypto assets into the $36 to $40 price regions. This represents about 61% of the cryptocurrency’s Fibonacci retracement level.
LINK Price movements in the last 24 hours
First, the 30-day Market Value/Realized Value (MVRV) ratio shows the average profit or loss of Chainlink traded over the last month. According to this technical indicator, Chainlink is currently enjoying a stay in the buy zone, which gives bulls plenty of room to buy before the cryptocurrency turns bearish.
Based on the 24-hour price movement, Chainlink is currently in a parallel downtrend pattern. This channel is obtained by connecting the lower lows and highs with 2 parallel trend lines. Moreover, the daily chart shows that Chainlink is likely to encounter resistance in the $35 area, where the 50 and 100 simple moving averages converge. If this critical resistance level is not broken, Chainlink’s share price is expected to fall to $28.
4-hour plan LINK
With the crypto market recovering significantly from last week’s price drop, Chainlink looks to be breaking out of its immediate resistance level of $32. Chainlink is trading around the $34 region and seems protected from entering an oversold region. In fact, the crypto asset is now showing signs of entering overbought territory. This could push crypto assets towards further positive price movements.
Moreover, the MACD chain line (blue) is above the signal line, indicating a bullish crypto currency. And with the ROI at 53, Chainlink seems poised for further increases.
Chainlink’s current price development is in a narrow price range. Given the current market volatility, Chainlink’s bullish momentum could be met with a price decline that could push the stock towards the $30 region. The rise in market volatility could be good news for crypto assets, as it could help Chainlink bypass immediate resistance levels and push it into a settlement above.
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