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The oracle network running distributed apps (dApps), Chainlink (LINK), has been causing stir in the cryptocurrency space. Following a strong surge, the digital asset is now focusing on even more higher ground; experts see a positive run and price targets as high as $33.
LINK was trading at $16.27 at the time of writing, down 6.4% and 11.0% in the daily and weekly timeframes, according Coingecko data.
Support Levels And Re-accumulation Signal Bullish Trend
Analysts are thrilled with LINK’s latest pricing moves. A positive sign indicating buyers are in charge, the cryptocurrency clearly broke past a critical resistance level on the daily timeframe. More especially, the price returned this level not as opposition but as a fresh support zone. This “flip” from opposition to support validates the upswing more strongly.
Fueling the flames, LINK’s price increased a sensible 25% during past month. This large increase demonstrates increasing investor hope for Chainlink’s possibilities. The general opinion on the project seems to be changing towards hope.
$LINK Ready for a Retest!#LINK broke the resistance on the Daily timeframe and is probably going to retest it as support.
This would be considered bullish if the support holds.
Perfect and Healthy Price Action for #Chainlink pic.twitter.com/EaxDBpVK2T
— Crypto Yapper (@CryptoYapper) June 6, 2024
Analyst Sees LINK Soaring
Market sentinels are noting LINK’s upward progress. cryptocurrency Popular expert in the cryptocurrency field Yappers thinks a retest of the new support level is approaching. Should the price remain constant at this stage, it would be a solid evidence of the continuous ascent. Yappers stresses the need of this possible help in providing LINK with a good long-term perspective.
LINK Price Prediction
The price of LINK is expected to increase by 30% based on the most recent estimate, thus by July 7, 2024 it will be $21.71. Still, multiple technical indicators point to caution even with this hopeful pricing target. Chainlink’s present market mood is bearish, which suggests investor short-term pessimism.
Measuring market sentiments, the Fear & Greed Index also shows “Extreme Greed” at 77. Such a high degree sometimes indicates that investors are over optimistic, maybe leading to a market drop. Chainlink has showed a 50% rate of green days and a 10.73% volatility rate over the previous 30 days, thereby balancing gains and losses but also displaying a modest degree of price changes.
The Road Ahead For LINK
With all eyes on Chainlink, the truth of the optimistic forecasts will be critical for the next few weeks. Should LINK be able to surpass technical obstacles and meet pricing targets, it would indicate a recovering market for the whole bitcoin sector.
Featured image from calheartmedical.com, chart from TradingView
