Price Analysis

Chainlink Price Prediction: What’s Next for $LINK After Regaining $10 Mark?

Chainlink Price Prediction: The rising supply pressure around $11 indicates the LINK price may witness a minor pullback before the next leap
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Chainlink Price Prediction: What’s Next for $LINK After Regaining $10 Mark?

Chainlink Price Prediction: The Chainlink coin has emerged as a standout performer in the ongoing crypto market recovery. From the low of $7.26 on October 20, the coin price has soared by 51%, touching a current trading value of $11.02. This impressive ascent marks the coin’s escape from a 16-month accumulation phase, signaling the potential for an even more substantial rally ahead.

Also Read: Chainlink’s Upcoming Staking v0.2 Launch Boosts Market Optimism

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Overhead Supply Hints Upcoming Pullback

  • A wick rejection attached to the daily candle reflects a minor retracement ahead
  • Under the influence of the wedge pattern, the LINK price is poised for a further 14%
  • The intraday trading volume in the LINK coin is $1.2 Billion, indicating a 1.2% gain.

Source- Tradingview

On October 21, the Chainlink price broke free from a longstanding falling wedge pattern—a trend that had been dictating its price action for more than 500 days. This breakout is a significant milestone and offers a bullish forecast for this altcoin’s future price trajectory. Bolstered by sustained buying interest and improving market sentiment, the coin surged to an intraday high of $11.5.

However, the daily chart over the past three days shows a pattern of higher price rejections near the $11 mark. These long wicks suggest that short-term traders may be taking profits off the table. Should the selling pressure continue, the LINK price may experience a minor pullback before making its next significant move upward.

According to Fibonacci retracement levels, the coin could find strong support at around the $10.2 mark, coinciding with the 23.6% retracement level. Additional support could be seen at the $9.5 level, aligned with the 38.2% Fibonacci retracement.

Taking cues from the completed wedge pattern, the LINK is poised for a rally toward $12.5, which would represent a potential gain of approximately 14%.

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LINK vs BTC Performance

Source: Coingape| Chainlink Vs Bitcoin Price

In a comparative analysis, the Bitcoin price has been on a slow yet consistent path to recovery since November 2022. Meanwhile, the chainlink coin experienced only a mild correction during the same period. However, both assets have benefited from the recent uptick in buying pressure, with the LINK price projecting a steeper rally pointing towards aggressive bullish momentum in the asset.

  • Bollinger Band: the upswing in the upper boundary of the Bollinger Band indicator reflects the market’s bullish momentum is still active.
  • Moving Average Convergence Divergence: The large gap between the MACD(blue) and signal(orange) slope in positive alignment reflects the current market trend is bullish.
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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
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