Chainlink Inches Closer To $18 Despite Bearish Pressure – Analyst

Christian Encila

11 months ago

3 mins read

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One very promising crypto asset that is performing very well today in the crypto market is Chainlink (LINK). Many experts have noticed LINK’s price path as current market circumstances offer a combination of volatility and stability. Under a background of restrained market movement, Chainlink’s technical patterns suggest a bright future.

Technical Analysis Shows Promise

According to new technical examinations, Chainlink is currently trading at $14.10, but a rise may be around the corner. It has been going down since it climbed recently. However, a well-known crypto expert, Ali Martinez, has seen a pattern form on the 4-hour chart that may just turn things around in LINK’s favor.

#Chainlink appears to form a head-and-shoulders pattern on the 4-hour chart. A sustained close above $14.7 could send $LINK to $18.3! pic.twitter.com/v566HWIIrR

— Ali (@ali_charts) July 21, 2024

Usually, this pattern – called the head and shoulders – indicates a negative trend reversal. Martinez points out, nevertheless, a major discrepancy in this situation.

There are three peaks in the head-and-shoulders configuration; the centre peakᅳthe headᅳis tallest. The two adjancent peaksᅳthe shouldersᅳhave almost the same elevation.

Usually, a decline below the necklineᅳwhich right now is at $14.63ᅳwould indicate a bearish change. Martinez advises, however, that Chainlink may ward off these negative consequences by keeping a price over $14.70, thereby paving the ground for a significant price rise to $18.3.

Chainlink (LINK) Price Projection

Based on the most recent analysis by CoinCheckup, Chainlink is selling around 90% below its projected value for next month. This notable undervaluation implies that LINK is presently going through a period of reduced price in relation to its expected future worth.

LINK is currently trading at $14.09. Chart: TradingView

Technical signs and market circumstances point to a positive future with projections of a 35% rise over the next three months. This expected increase suggests a possible trend of stabilisation and recovery.

Longer-term forecasts seem much more positive. Forecasts of a 140% rise over the following six months reflect significant positive momentum and a potential recovery trend. The one-year projection of the platform supports this encouraging view even more by implying a 76% increase at the end of the year.

Such forecasts highlight Chainlink’s prospects for significant appreciation, which makes it an interesting choice for those looking for long-term profits.

Market Conditions And Levels Of Resistance

More general market dynamics have shaped Chainlink’s recent pricing swings. Over the weekend, the market for cryptocurrencies showed modest volatility marked by a neutral candlestick development in Bitcoin.

The technical signs are looking positive. The fact that the asset is now trading higher above both the 20-day and the 50-day moving averages is a highly encouraging indicator. As an additional point of interest, the average directional index (ADX) is decreasing and is currently at 25%, which indicates that the downward trend is beginning to slow down. This indicates that the price of LINK may increase in the near future.

Featured image from Pixabay, 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.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.