Chainlink (LINK) has been amidst strong bullish momentum after the cryptocurrency succumbed to bearish pressures. The surging Chainlink coin established a new all-time high at $52. At the time of publication, Chainlink was trading hands at a price of $51 apiece. The price of the cryptocurrency has increased by 6% in the daily chart while the daily trading volume of Chainlink has gone up by 60%. The decentralized oracle service has proven to be an integral part of the cryptocurrency sphere.
Chainlink (LINK) technical analysis
The market sentiment for Chainlink is bullish. Fourteen of the twenty-six technical indicators are giving out a signal of buy with seven standing at a neutral position. Five of the remaining indicators are giving out a signal of sell. The oscillators are bearish with an overall indication of sell while the moving averages are bullish with an overall indication of strong buy.
A trader has identified Chainlink crypto to have formed a coherent wave count. Per the trader’s analysis, Chainlink has completed the formation of all five waves, portraying strong up and down volatility. While forming the wave count, LINK coin has also established various support levels which are crucial for the cryptocurrency to hold. Currently, Chainlink is on an upside move – an extension of the fifth wave. However, bearish momentum may soon overtake the market as minor retracements usually follow after impulsive moves. In that case, the price level of $46 will prove to be a strong support for Chainlink.
Chainlink (LINK) price prediction
Trading Beasts is projecting a gradual increase in the price of Chainlink over the years. The upward trend will result in Chainlink having a price of $61 by the end of 2024. The 2021 predictions for Chainlink are bearish with the year ending at $38. Digital Coin Price predicts Chainlink crypto will end the year with a value of $76 while it is expected to climb up towards $224 by 2028. Wallet Investor has issued a one-year prediction at a price level of $671 with the five-year prediction at $2332