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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Chainlink LINK LINKUSDT
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Why LINK Is Poised To Outperform Altcoins Sector, Analyst Sets Target For $10

Reynaldo Marquez by Reynaldo Marquez
3 months ago
in Chainlink
Reading Time: 2 mins read

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?

Related Reading: Bitcoin Whales Show Most Active Hour In 3 Months As BTC Breaks $30,000

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.

Related Reading: ‘Ripple (XRP) Is A Must-Hold For The Next Bull Run,’ Says Bitcoin Maxi

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

Tags: chainlinkLinklinkusdt
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Reynaldo Marquez

Reynaldo Marquez

As an editor at NewsBTC, Reynaldo is an experienced journalist passionate about all things crypto. Reynaldo has interviewed key industry leaders, and created unique pieces analyzing the promise of crypto as the next frontier for an economic and social transformation of humanity. Since 2018, he has been at the forefront of the industry, closely following every major development and analyzing critical events at the heart of the crypto industry. With a keen eye for detail and an unwavering commitment to excellence, Reynaldo has been instrumental in bringing the latest news and insights to the crypto community. Outside of work, Reynaldo enjoys lifting weights and literature, which he believes gives him a unique perspective into the world of crypto. As an aspiring trader, he is always looking for new opportunities to explore and believes that crypto holds the key to unlocking the future of finance.

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