Claim $500Analyst Forecasts Chainlink Price Target of $200 This Cycle
Highlights
- A crypto analyst believes that the Chainlink price will jump to between $200 and $800.
- The coin recently rallied above the key resistance level at $22.80, its highest level in March.
- The coin could benefit as whales buy and as the total value secured jumps.
Chainlink price has started the month well, surging to its highest level in almost three years. The rally was driven by the start of the altcoin season and its role in the oracle industry. One analyst believes that the LINK price could surge to $200 in this bull run.
Crypto Analyst Sees Chainlink Price Hitting $200
Crypto analysts are generally bullish on the Chainlink price after it crossed the important resistance level at $22.80. In an X post, one expert predicted that the coin would jump to between $200 and $800 in the ongoing bull run.
If this is accurate, it means that he expects the coin to rise by between 700% and 3,233%. While this LINK price forecast seems extreme, it is possible in the cryptocurrency industry. Just recently, Ripple and Stellar Lumens prices have soared by over 400% in the past 30 days.
The analyst cited a longer timeframe chart, which he drew a channel. He sees it soaring if bulls attempt to retest the upper side of that channel.
One catalyst for the rally is that more whales are buying LINK. Also, data by IntoTheBlock shows that the number of new addresses has jumped to the highest level in two years.
At the same time, the total value secured in the network has risen to $37.57 billion. This makes it a bigger oracle network than other networks like Chronicle, WINKLink, and Pyth.
LINK Price Technical Analysis: Uptrend Has Room to Go
The weekly chart shows that the Chainlink price has just moved above the crucial resistance level at $22.80 after rising for three weeks straight. This was a key level since it was the highest level on March 11.
Chainlink token has invalidated a potential double-top pattern whose neckline was at $8. This pattern often leads to a strong downside. The coin is now approaching the 50% Fibonacci Retracement level at $26.63.
Chainlink has remained above the 50-week and 200-week Exponential Moving Averages. Therefore, a move above this week’s high at $26.75 will be a signal that bulls have prevailed, which will increase its odds of rising to the all-time high at $52.8, which is about 120% above the current level.
On the flip side, a drop below the psychological level at $20 will invalidate the bullish view. If this happens, the next point to watch will be the 200-day moving average at $12.
Frequently Asked Questions (FAQs)
1. How high can Chainlink price soar in this cycle?
2. What are the potential catalysts for the LINK token?
3. What is the stop loss for the LINK price?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Related Articles
- XRP ETFs Reach $1.21B as Asset Managers See a ‘Third Path’ Beyond Bitcoin
- Nearly $50M in USDT Stolen After Address Poisoning Scam Targets Crypto Trader Wallet
- Breaking: Rep. Max Miller Unveils Crypto Tax Bill, Includes De Minimis Rules for Stablecoins
- XRP Holders Eye ‘Institutional Grade Yield’ as Ripple Engineer Details Upcoming XRPL Lending Protocol
- Michael Saylor Sparks Debate Over Bitcoin’s Quantum Risk as Bitcoiners Dismiss It as ‘FUD’
- Will Solana Price Hit $150 as Mangocueticals Partners With Cube Group on $100M SOL Treasury?
- SUI Price Forecast After Bitwise Filed for SUI ETF With U.S. SEC – Is $3 Next?
- Bitcoin Price Alarming Pattern Points to a Dip to $80k as $2.7b Options Expires Today
- Dogecoin Price Prediction Points to $0.20 Rebound as Coinbase Launches Regulated DOGE Futures
- Pi Coin Price Prediction as Expert Warns Bitcoin May Hit $70k After BoJ Rate Hike
- Cardano Price Outlook: Will the NIGHT Token Demand Surge Trigger a Rebound?
