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Chainlink Price Forecast: LINK Price Forecast A Strong Uptrend

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  • 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

Source:Trading view

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

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