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- 1 Chainlink price prediction can stay bullish for January 2024 and suggests LINK might reward investors in the long run.
- 2 The LINK price held the $14.00 support and showed a bounce.
- 3 Chainlink crypto price is in an uptrend and bulls are strengthening their grip.
Chainlink price prediction stays bullish for January 2024 as long as it sustains above $14.00 support. It rose 11% in the current month and buyers are trying their best to break out of the $17.00 hurdle.
If they succeed, the next phase of the rally might trigger which will take the price to new swing highs.
The chart pattern of LINK crypto is mildly bullish and suggests that a sharp rise may be visible soon. Therefore, a short-term downfall in this crypto may get easily absorbed near to support.
In the last eight weeks, Chainlink bulls tried thrice to break the $17.00 barrier. Yet, the attempt failed and the price reverted down. Luckily, the price did not decline much and took support near the 50-day EMA. Buyers became active and succeeded in giving bounce.
At present, bulls are trying to hold the recent gains and seem like getting ready for the next attempt. However, the sellers are also active and giving tough competition to the bulls. So, investors need to be careful and wait for the confirmation of a $17.00 breakout to build fresh longs.
Will Chainlink Price Hit $20.00 by January 2024?
Chainlink price is an uptrend and slowly heading toward the $20.00 mark. However, before hitting further highs, buyers need to take control of the supply zone. Till the LINK coin price sustains above the $14.00 level, the buyers will continue its dominance.
The next directional move in this coin will be visible when buyers succeed in breaking out of the $20.00 barrier. The analysis suggests that the LINK crypto is in the bulls’ grip so the probability of hitting the $20 mark by 2024 is high.
LINK Price Formed Bullish Hammer Candle
LINK price is trading at $16.075 with an intraday uptick of 0.44%. It displays a bullish hammer candle, indicating buyers are trying to rebound. Meanwhile, the crypto leaders Ethereum and Bitcoin prices are recovering. So, it may also positively impact the price of LINK and other altcoins.
The MACD curve is sustaining above the zero line indicating mild bullishness. The RSI at 56 shows the strength of bulls and more scope of upside is open.
Conclusion
Chainlink price prediction suggests a rise in the short run. The price will pick up the momentum when buyers can break out of the $17.00 hurdle. The analysis suggests that the LINK crypto might outperform and may hit new swing highs.
Technical levels
- Resistance levels: $18.330 and $20.001
- Support levels: $14.000 and $12.853
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
