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- Chainlink Price prediction highlights that it may see a bearish trend before any breakout to a new high
- LINK must break its primary resistance of $10 to reach a new high.It has seen a fall of 0.01% in the intraday session.
Chainlink is a decentralized oracle network that allows smart contracts to connect with external data feeds without revealing too much information. It was launched in 2017 by Sergey and Steve. Chainlink has become a critical protocol in the DeFi ecosystem and facilitates smart contracts. Chainlink network is driven by the large community which consists of smart contract developers, node operators, and many more. Their decentralized architecture helps to get Tamper-proof data while eliminating the risk of manipulation.
Chainlink rewards its operators or data providers through LINK tokens. The ability of the network to connect with the real world has made it very popular among DeFi protocols. It is one of the most widely used Oracle networks as of now. Many stream applications use Chainlink and they have access to over 1Bn data points through different protocols.
Recently a popular Korean chatbot has integrated Chainlink VRF Ethereum to help with the NFT mystery box.
LINK has a market cap of over $3.7 Bn with 52% of the supply circulating in the market.LINK is predicted to hit major levels by the end of 2023. Various analysts expect strong momentum in the asset price in the future.
Will LINK Break From Its Consolidated Path?
The weekly technical chart of Chainlink suggests a strong tussle between the bulls and bears. It is currently on a strong consolidation path in the daily chart. It is currently trading near the value of $7.2 with a small drop in the intraday session. There are strong bearish candles being formed in the daily chart.
The upside trend of LINK can see a halt near the value of $10. Meanwhile, the support of the asset price can be seen near $5. It is trading very close to 50 DMA and taking the support. If it jumps below it a strong downside trend will be seen in the future.
RSI of the asset price is near 50 suggesting its presence in the neutral zone. There is no slope in it which hints toward a consolidated trend.
Summary
LINK is currently demonstrating a strong consolidated trend.It may see a strong recovery to a new high at the end of 2023. LINK price may see strong growth by the end of 2025.
Technical Levels
Support Level: $6
Resistance Level: $10
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
