Chainlink price has remained stagnant for the past few months, showcasing a lack of clear direction. The asset has been trading horizontally since November of the previous year, hovering around a consistent value range. Currently, LINK is valued at $14.03, witnessing a modest uptick of over 2% in the past 24 hours. This recent surge hints at the emergence of a potential bullish trend.
During the latter part of 2023, Chainlink experienced a notable rise, especially in September. However, post-November, its trajectory entered a phase of horizontal movement. The asset faced rejection at the peak of this range just four days ago. Despite a substantial rebound yesterday, LINK’s value is still in the lower spectrum of its recent trading range. This ongoing pattern is evident in the daily time frame analysis.
In the broader context of the altcoin market, a semblance of stability returns after a period of losses. Many cryptocurrencies are turning green, though they haven’t fully recuperated from the recent declines. Specifically, the price of Chainlink has significantly dropped over the last four days, bottoming out yesterday.
The token’s struggle to maintain its stance above the $14 mark is causing unease among investors. Currently, LINK stands at the 13th position on CoinMarketCap, boasting a market capitalization of $7 billion and a 24-hour trading volume of $333 million.
Chainlink Price Prediction: Potential Rebound or Further Decline?
In a recent analysis, cryptocurrency expert Michaël van de Poppe shared insights on the potential trajectory of Chainlink. His evaluation shows that LINK’s $13.20 mark is a critical juncture. He noted a dip below recent lows, suggesting that if this level is tested again, LINK might descend to a possible bottom in the $10-11 range. However, he also pointed out that the $13 threshold could serve as a robust support zone, potentially leading to a rebound before further decline.
#Chainlink is facing a retest at $13.20 as an essential level to watch.
Did sweep the liquidity beneath the recent lows, if we go there again, then I’m assuming $10-11 is a likely bottom.
For now, $13 for a potential support test before going back upwards. pic.twitter.com/ktStVYUu2m
— Michaël van de Poppe (@CryptoMichNL) January 25, 2024
Expanding on his views, van de Poppe expressed optimism about LINK’s performance against Bitcoin. He indicated that the LINK/BTC pair appears poised for a significant breakout later in the year. Observing the formation of higher lows, he predicts that a surge past 4500 satoshis could propel the pair towards 9000 satoshis. In light of this, van de Poppe advocates buying during dips, reinforcing his bullish stance on LINK’s prospects in the crypto market.
Chainlink Price Prediction: A Bullish Outlook Amidst Market Uncertainty
In the latest developments for Chainlink, the cryptocurrency faces a critical juncture in its market trajectory. If Chainlink price manages to secure a closing above its current range high of $15, this could signal that the local bottom has been established, setting the stage for a potential 34% rise to the next resistance level at $19.30.
If the upward trend continues, further resistance could be encountered at $25 and $30. Conversely, a shift in market dominance favoring the bears could see LINK’s value descending towards the $10 support mark.
Chainlink price chart: Tradingview
Currently, Chainlink is grappling to maintain its position above the 50 Exponential Moving Average (EMA), a crucial support level. The Moving Average Convergence Divergence (MACD) indicator is on the cusp of a bearish crossover, which could spell further troubles. However, a shift towards bullish sentiment would likely reflect positively on the MACD, indicating a potential uptrend. The Relative Strength Index (RSI) hovers just around the 50 mark, suggesting that the bulls exert effort but face challenges in regaining strong momentum in the market.
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