- LINK Price is currently in the accumulation zone with a loss of 8.53% in a intraday session.Meanwhile LINK/BTC is seeing a loss of 2.52%
- Technical Indicators suggests an undervaluation for the coin.Chain Link can gain more than 40% in the upcoming session
Chainlink is a decentralized oracle network formed in 2017. Link price forecast a gain of more than 20% in the upcoming trading session. Chainlink has gained more than 200% from the start of these years.LINK coin has seen an ROI of 15975% since its inception.LINK price has gained more than 19818% from the all-time low of 2017.
The recent news about Filecoin and Chainlink integration to bring decentralized storage solution is pushing their prices to new high. Chainlink gives new bi-directional communication capabilities for Filecoin, which showcases that it can receive external inputs that trigger Filecoin’s on-chain storage functions or fetch Filecoin’s storage state data to determine actions on other networks.
Chainlink is currently ranked 11th with a market capitalization of $25,497,089,204. The volume of the coin ($1,514,580,216) has seen a gain of 43.24% in the intraday session. The volume to Market capitalization ratio of the coin is 0.143. If the ratio crosses above 0.8 then a buying rush can be seen.
Technical Indicators Hints A Bullish Momentum In LINK Price Forecast
The weekly technical chart of LINK Price forecast a bearish momentum. On coming to the daily chart LINK price has given a negative crossover from the 50 Moving Average. Chain Link price is below 50MA and above 100MA. The 50MA (Red) line is at $28.98 making it temporary resistance for the coin. Resistance for the coin ongoing upside is at $30 and on the downside, the price can see a bounceback from $20. LINK has formed an accumulation zone in the shorter time frame. If the price breaks down 10% below the accumulation zone then a strong bearish momentum can be seen. LINK/BTC pair can also see a downtrend in the upcoming trading session.
RSI( Bullish):It is trailing at the value of 35 showcasing its presence in the oversold zone. There is a positive slope formation in the RSI which highlights that price can see an uptrend. The overall sentiment of Bullish.
Conclusion
LINK price forecast a strong bullish momentum. The recent news about FIL and LINK integration can push the price to new highs. LINK/BTC pair can also see new highs being formed. An Investor should do their due diligence before investing.
Technical Levels
Major Resistance:$30
Major Support:$20
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.