Chainlink Chain Reaction: Analyst Sets Sights On $33 Target

Christian Encila

1 year ago

3 mins read

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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.

LINK market cap currently at $9.5 billion. Chart: TradingView.com

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

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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