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Chainlink Price Prediction 2023-24: Will LINK Price Advance Soon?

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Chainlink Price Prediction 2023-24: Will LINK Price Advance Soon?
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Chainlink’s main purpose is to enable developers to connect their smart contracts to reliable, secure data sources called oracles. These oracles provide the necessary data for the smart contracts to function properly. The LINK token is used within the Chainlink network to pay for these oracle services, motivate trustworthy data provision, and reward node operators.

By ensuring a stable and dependable connection, Chainlink ensures that the data is always correct and up-to-date. This allows for a variety of applications, such as financial services, supply chain management, and various other use cases within a decentralized framework.

Chainlink crypto plummeted by 4.22% in terms of market value and surged by 45.18% in trading volume in the last 24 hours, as per CoinMarketCap which is a crypto data and info website. Its market value is $8,091,403,996 and its trading volume is $602,417,911. There are currently 556,849,970 LINK coins in circulation.

Chainlink’s (LINK) open interest is $293.94 Million, as per CoinGlass, which is a crypto analysis website. The open interest fell by 10.70% in the previous session. The long versus short ratio for 24 hours is 0.9037. The total number of short positions added in the last 24 hours is $523.97K against longs of $2.01 Million.

Chainlink Price Prediction 2023-24: Will LINK Price Advance Soon?
Source: coinglass.com
Chainlink Price Prediction 2023-24: Will LINK Price Advance Soon?
Source: coinglass.com

Furthermore, LINK showed good performance in this month as it was up by 29.25% during this period and by 118.61% in the past six months. Additionally, the year-to-date return of LINK is positive with a 159.43% increase.

Chainlink Price Technical Analysis in 1-D Timeframe

The Chainlink coin price (KRAKEN: LINK) bounced back from a major demand zone at $4.80 and surged by about 225%, making higher highs and lows. 

Moreover, on the daily chart, the coin formed a bullish pattern known as the flag and pole pattern. Now it seems like the LINK price has taken a halt in its breakout, and can continue to surge and give a spectacular rally. If the price holds this level, it could continue to rise and reach the first and second targets of $15 and $16, respectively.

However, if the Chainlink coin price rejects this CMP level and falls, it could reach the nearest support levels of $13 and $12.

Chainlink Price Prediction 2023-24: Will LINK Price Advance Soon?
Source: LINK/USD.1D.KRAKEN by TradingView

The Chainlink crypto price (LINK) is above the 20, 50, 100, and 200-day EMAs  (exponential moving average). The EMA is acting as support, as the price trends upwards. Therefore, the price prediction suggests that the crypto price could surge higher if there is a greater accumulation of buyers.

The MACD line at 0.73 and the signal line at 0.90 are below the zero line and a bullish crossover is anticipated next in the MACD oscillator. The RSI is at 57 points and the 14 SMA is at 58 points. The RSI line took support and headed for the overbought zone and breached the 14 SMA. This suggests that the price movement is currently bullish.

Chainlink Price Prediction 2023-24: Will LINK Price Advance Soon?
Source: LINK/USD.1D.KRAKEN by TradingView

Conclusion

The LINK chart shows that investors are bullish regarding the crypto on the 1-D time frame. The price action points to a bullish outlook at the time of publishing. Technical parameters of Chainlink (KRAKEN: LINK) also support the bullish trend. The major indicators are giving bullish signals for LINK crypto and imply that the uptrend may continue. 

Technical Levels:

  • The nearest support: $12.
  • The nearest resistance: $15.
Disclaimer

In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

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