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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Why LINK Is Poised To Outperform Altcoins Sector, Analyst Sets Target For $10

Reynaldo Marquez
Reynaldo Marquez
1 year ago
2 mins read
Chainlink LINK LINKUSDT

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The highest standards in reporting and publishing
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Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

The crypto market keeps scoring profits over today’s trading session as Chainlink (LINK), and others follow in the footsteps of Bitcoin’s rally. The green season could start, but which altcoin will prevail in the race?

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One analyst shared a theory about LINK’s potential to outperform the altcoins sector and stand as a top gainer in the coming months. As of this writing, Chainlink’s native token trades at $5.6 with a 6% profit in the last 24 hours alone.

Chainlink LINK LINKUSDT
LINK’s price records minors profits on the daily chart; can it return to $9.5? Source: LINKUSDT on Tradingview

Chainlink (LINK) Price Target For A Bull Market

LINK is one of the altcoins that gained popularity in 2020 and 2021 when decentralized finance (DeFi) protocols saw increasing adoption. Today, the cryptocurrency has taken a hit from the persistent bearish trend in the entire sector.

However, analyst Daan Crypto believes Chainlink could recover and trend toward new yearly highs. Recently, LINK’s price crashed from a high of $9.50, forming an Average Range at those levels.

In other words, $9.50 has been operating as heavy resistance for LINK’s price in 2023. During LINK’s downside trend, the analyst believes that bulls managed to defend $5.50, which hints at a positive forecast for the cryptocurrency.

Via Twitter Daan Crypto stated while sharing the chart below:

$LINK Followed the plan. It deviated below it’s 400 day range and retook it. Wouldn’t expect this to outperform many of the new shiny coins but the invalidation is clear as day and the risk/reward is solid. It’s do or die here.

Chainlink LINK LINKUSDT Chart 2
LINK price poised for further profits? Source DaanCrypto via Twitter

The chart above shows that if LINK bulls can continue the momentum, the token could rise as far as $10. This target corresponds with the channel’s top when the token has been moving for over a year.

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1 year ago

However, traders should remember that the token has been unable to break above that resistance, always recording massive losses after hitting that top. In the short term, as conditions in the crypto market are favorable, LINK seems poised to keep trending to the upside.

Cover image from Unsplash, chart from Tradingview

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

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.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

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.

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