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- 1 Chainlink price prediction shows that LINK crypto broke out of the long term consolidation phase.
- 2 LINK crypto is preparing for its recovery towards the $20 mark as it sustains above $10 mark.
- 3 Chainlink cryptocurrency gained 93.74% year to date.
Chainlink price prediction highlights the sustainability issues of LINK crypto above $10 to continue the surge towards the $20 mark. However, after breaking out of the long term consolidation phase LINK crypto reached the $11.64593558 resistance and is currently trying to continue its surge above that mark. Meanwhile, buyers are still present in the trade to push LINK crypto upwards.
Chainlink cryptocurrency has been consolidating inside a long term consolidation phase since May 2022 and now, it managed to break out of the range. This signifies that LINK is now pumped to recover maximum over the daily time frame chart and has initiated its recovery phase. This confirms that LINK crypto looks prepared to reach the $20 mark by the end of 2023.
Chainlink price was at $11.09300000 and gained 6.74% of its market capitalization during the day’s trading session. However, trading volume has decreased by 8.77% intraday. Volume to market cap ratio was at 19.54%.
Is Chainlink a Good Buy?
Chainlink price prediction highlights the breakout of LINK crypto from the long term consolidation phase. However, it looks like sellers are getting involved in the trade to pull LINK crypto downwards. Meanwhile, LINK crypto price is trading above 20, 50, 100 and 200-days daily moving averages. LINK needs to maintain the accumulation of buyers in order to sustain at the current level and continue to surge.
Currently sellers are getting active to initiate the sell offs during the day’s trading session. To avoid slipping significantly LINK crypto must attract buyers during the intraday trading session. Meanwhile, if we talk about whether the Chainlink cryptocurrency is a good buy or not it depends on certain factors like, the project and technology LINK is involved in and then the price action of LINK crypto or its performance so far. LINK crypto is believed to be a good buy as it gained in the recent past and has been performing perfectly since its inception.
Chainlink price gained around 47.89% in a week and 55.19% in a month. Moreover, LINK crypto managed to surge around 39.65% in the last three months and 50.82% in the last six months. In addition, LINK cryptocurrency has soared 93.74% year to date.
Investors are advised to observe each and every factor before investing in any cryptocurrency.
Technical indicators suggest the extreme overbought status of LINK crypto. Relative strength index shows the upward momentum of LINK. RSI was at 82 and was present in the extreme overbought zone. Investors in Chainlink cryptocurrency need to wait until LINK crypto breaks out of the $11.64593558 resistance.
Summary
Chainlink price prediction shows the sustainability of LINK crypto above $10 to continue the surge towards the $20 mark. Chainlink cryptocurrency has been consolidating inside a long term consolidation phase since May 2022 and has managed to break out of the range. In addition, LINK cryptocurrency has soared 93.74% year to date. Technical indicators highlight the extreme overbought status of LINK crypto.
Technical Levels
Support Levels: $10.17100562 and $9.52057721
Resistance Levels: $11.64593558 and $12.31741937
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 or stock comes with a risk of financial loss.
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.
